摘要：This paper demonstrates a conceptual model about valuation state owned enterprises to privatize, it emphasizes the importance of calculation the reference value. In the sequence is analyzed the relation between the evaluate value and the negotiated value, about the state owned enterprises privatized by federal government of Brazil from 1991 until 1997. KEYWORDS: Valuation; State owned enterprises; Reference value
关键词：Empresa estatal;Valor referencial;Avaliação de empresas
