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从2001年底我国在法律上取消对外资金融机构入股我国商业银行的限制以来,外资金融入股我国商业银行的步伐大大加快。随着战略投资者在我国银行业所占份额逐步扩大,其对我国银行业产生的影响也会逐步加深,因此对战略投资者进行研究有着重大意义。本文从我国商业银行引入战略投资者的现状入手,对引入战略投资者的动因进行分析,论述了引入战略投资者的必要性以及重大意义;再结合影响股权定价的八种因素,从引入战略投资者规范的定价程序、适用的国际惯例以及引资所带来的“潜在价值”三个角度说明了国有商业银行出让股权定价的合理性。
Since the end of 2001, China has legally abolished the restrictions on the commercial banks in China by foreign financial institutions, and the pace of foreign financial shares in China’s commercial banks has greatly accelerated. As strategic investors gradually expand their share in China’s banking sector, their impact on China’s banking industry will gradually deepen. Therefore, research on strategic investors is of great significance. This paper begins with the introduction of strategic investors in China’s commercial banks, analyzes the motivation of introducing strategic investors, and discusses the necessity and significance of introducing strategic investors. Combined with eight factors that affect the pricing of equity, The normative pricing procedure, the applicable international practice and the “potential value” brought by foreign investment illustrate the rationality of state-owned commercial bank’s equity transfer pricing.