增发情况下国有股减持方案对相关主体价值影响的经济分析

The Economic Analysis to the Influence on the Related Entities by the Plan of State-owned Stocks Reduction in a New Placement

国有股减持政策出台以后 ,伴随着股市的剧烈波动 ,在社会上引起了强烈的反响 ,争议的核心是减持办法是否损害了中小投资人的利益。本文运用一系列合理假设 ,讨论了减持国有股是否加重了增发融资对股东权益的稀释程度 ,从而对减持办法的政策绩效进行了评价。分析结论认为 ,国有股减持方案确实加重了增发对原有股东权益的稀释程度 ;在此基础上 ,我们讨论了相关主体可能的行为模式。

After the policy of state-owned stocks (SOS) reduction plan has put into operation, great sentiment was aroused in the society with huge float in the stock market. The argument of focused on whether the SOS reduction plan is harmful to the interest of the minor stockholders through unreasonable pricing, imposed tie-in-sale, and asymmetry information. This article discusses that whether the SOS stock reduction plan will increase the extent of dilution of the stockholder's equity with some rational assumption. Then it gives an evaluation to the policy results of the SOS stock reduction plan. The conclusion is, the SOS stock reduction plan does increase the extent of dilution of the stockholder's equity. Based on it, we discuss the possible reaction model of the related entities.