摘要
本文从我国上市公司的"融资偏好悖论"出发,提出了股权超额收益问题,并结合我国上市公司不合理的股权结构分析了股权融资超额收益的四种形式:高溢价资本收益、非流通股的控制权隐性收益、认配权收益和转让收益。最后本文认为只有通过股权分置改革改善上市公司不合理的股权结构才能解决上市公司非理性的股权融资问题,治理股权融资的超额收益。
This paper propose the question of the huge return made by equity financing from the angle of the contrary theory of Chinese listed companies’ financing preference, then analyze the four forms of huge return combine with the unreasonable equity structure of Chinese listed companies. At last,this paper propose the opinion that only through the full circulation of listed companies to improve the unreasonable equity structure, we can solve the problem of Chinese listed companies’ equity financing preference and govern the huge return made by the equity financing.
出处
《中南财经政法大学研究生学报》
2006年第1期69-71,共3页
Journal of the Postgraduate of Zhongnan University of Economics and Law
关键词
上市公司
股权融资
超额收益
Listed Company
Equity Financing
Huge Return
