上市公司股权再融资的财富再分配效应研究

The Study on the Welfare Reallocation Effect of Listed Company's Equity Re-financing

中国上市公司在再融资方面呈现较为显著的股权再融资偏好,文章对股权再融资过程中各相关利益主体的财富变动情况进行理论推导,以期挖掘上市公司股权再融资的内在动因。研究结果表明,通过股权再融资,上市公司非流通股东能够实现财富增值,这是控股的非流通股股东偏好股权再融资的动因。

The listed companies have owned strong preference to equity re-financing. In order to explore the inner incentives of equity re-financing, the paper studies the welfare changes of different related stakeholders in the process of equity re-financing. And the results suggest that the nontradable-share holders can realize the welfare increments through equity re-financing, so the dominated shareholders have the incentives to enlarge capital through eonitv re-financing.