蓝筹上市公司“股本稀释——市值膨胀”效应分析

The Analysis of Blue-chip Companies' "Equity Dilution Capitalization" Effect

本文以价值评估理论为基础,运用多元非线性回归分析法等方法,研究了我国股本扩张和市值膨胀的关系。研究表明,我国股市中确实存在股本稀释——市值膨胀效应,随着公司股本的稀释,公司市值存在不同程度的膨胀。这种效应刺激市场投机,导致市场忽略了股本扩张是否带来了公司价值的真正增长。

There is a phenomenon for the listed firms in China,that is capitalzation expand rapidly after equity dilution. This paper takes value assessment theory in the modem financial management as a foundation, based on the data of the financial statement of firms, find out the reason for capitalization expand. This paper used empirical analysis and gives out suggestive measure for the effect.