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Policy Options on Fleshing out Asset Evaluation and Floor Transaction of State-owned Assets（No.174, 2017）
2018-01-22
By Yuan Dongming & Li Guangxin, Research Team on “The Development of Mixed Ownership Economy”, DRC
Research report No.174, 2017 (Total 5249) 2017-12-11
Abstract: State-owned asset evaluation and floor transaction are the basis for developing a mixed-ownership economy, and an important means to prevent the loss of state assets. In practice, there are many disorderly and unreasonable conducts in the evaluation of state-owned assets. Because of such problems as the practice of "going through the motions" and the low premium rate in the floor transaction, it is difficult to fully realize the value discovery and value correction features. Apart from the lack of standards of the evaluation industry and the weak independence of the evaluation institutions, the above-mentioned problems are also due to the irrational design of the system. With regard to state-owned asset evaluation, the property rights owners need to select and appoint the asset evaluation agencies and guide the evaluation performance themselves. In the case of large and important projects, there should be two major asset evaluation agencies in charge of the assessment at the same time and they need to clearly define the objectives of asset evaluation and the basis for the selection of the asset evaluation method. As regards floor transactions, efforts need to be made to flesh out asset classification, optimize the trading methods relating to major property rights transactions, enhance the transparency of information disclosure and solicit prospective investors. In the transactions of physical assets or small proportion of property rights, the relevant departments need to take the advantage of online bidding to improve the efficiency of transaction.
Key words: state-owned assets; floor transaction; mixed-ownership
