上市公司股权融资与大股东会计寻租

Equity Offerings and Largest Shareholder's Accounting Rent-Seeking of Listed Companies

上市公司发行股票筹集的资金总是被大股东无偿侵占,这是大股东主要通过会计程序寻租的结果。在一定假设前提下,“股权融资—利益输送—会计寻租”模型揭示了大股东在上市公司不创造利润情况下,在股权融资过程中利益输送和会计寻租的一般规律,这为研究和制定相关政策提供了系统思路。

Raised fund of a Listed Companies is often freely seized by the largest Shareholder, because of the accounting rent --seeing application of the largest shareholder. This paper sets up a model of equity offerings, tunneling and accounting rent --seeking ＂ based on certain assumption, and discovers the rules of benefit tunneling and accounting rent--seeking in the process of Equity Offerings without creating revenue of the Listed Company. Therefore, this paper paves the way of systematic thoughts in studying and making related policy.