国有股上市流通定价是国有股流通面临的焦点问题,有关部门和市场投资者至今未能就此达成共识,因而探讨国有股上市流通定价问题具有重大的现实意义。本文认为:国有股上市流通定价有三种选择:一是按每股净资产定价,二是按已流通公众股价格定价,三是有条件的市场定价。通过比较分析后,得出结论:有条件的市场定价是国有股上市流通定价的必然选择。 State-owned shares listed on the market pricing is the focus of the circulation of state-owned shares, the relevant departments and market investors so far failed to reach a consensus so it is of great practical significance to explore the pricing of state-owned shares listed on the market. This paper argues that there are three choices for the pricing of listed shares in the state-owned shares: one is the pricing of net assets per share; the other is pricing by the prices of public shares that have been circulated; the other is the pricing of conditional markets. After comparative analysis, it is concluded that conditional market pricing is an inevitable choice for the pricing of listed and tradable state-owned shares.