我国国有商业银行能构建出适用的对价方法具有非常重要的实践和理论价值。本文主要利用Haircut-VAR原理对股改银行的对价进行实例计算的探讨。本文引进了目前欧美国家普遍好评的评估资产流动性风险的测算模型Haircut-VAR原理，构建出一套简化模型。并对这个模型作了进一步发展，以构建A股上市公司对价的模型框架，用工商银行等具有代表性的国有银行进行对价的实例计算，对计算结果进行分析和探讨，为国有银行对价计算模拟出一套实例模型以供参考。本文通过大量实际数据测算模型，得出数据结果支持本文论点，引发出对当前状况的分析，提出一些可操作性强的合理建议，并对未来我国对价理论及其模型的完善提出了一些看法。

It means a lot that if the State-owned Commercial banks in our country could construct the suitable value method. This article mainly uses the Haircut-VAR principle to analyze the share reform bank’s value. It has introduced the universally highly praised model of fluid risk reckoning in European and American countries , the Haircut-VAR principle to construct a set of simplified model, and then develops it to construct a model to value the listed companies. Though this, the paper could figure out the value of commercial banks which are representative state-owned banks. After analyzing and discussing the result, the article simulates a set of example model for the state-owned bank value computation to supply a reference. Then though the calculation of the model with massive actual data, we could find that the result supports the argument of this article to initiate some analysis about the current condition, so that it can provide some reasonable suggestion, at the same time to bring some views on how to perfect the theory and model of our banks’ value in future.