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２００１年７月２４日，随着北生药业等四家新股招股说明书的亮相，国有股减持进入实质性操作阶段，按新股发行价格定位的国有股减持方案被推出。但是，从该日以后深沪大盘指数６个交易日均连挫１１％以上的市场反应来看，这种高企的定位方法并不被市场认同。本文通过对非流通Ａ股的转让价格进行分析，为国有股减持具体实施方案提供参考。
On July 24, 2001, with the unveiling of the prospectus for the four new shares of Beisheng Pharmaceutical, the state-owned shares reduction was put into substantive operational phase and the state-owned shares reduction plan targeting the IPO price was launched. However, from the day after the Shanghai and Shenzhen stock index index fell 6 trading days even more than 11% of the market reaction point of view, this high positioning method is not recognized by the market. This paper analyzes the transfer price of non-tradable A shares, which provides a reference for the specific implementation of the reduction of state-owned shares.