股权二元结构下配股对股权价值的影响

本文建立了股权二元结构下配股的理论模型,针对我国上市公司两类典型的公司治理结构——经理控制和大股东控制以及“一股独大”的股东结构,运用博弈论方法探讨了股权二元结构下配股对流通股和非流通股价值的影响。本文首次提出了配股的“再分配效应”——配股导致价值在流通股与非流通股之间转移,配股的“股权成本效应”——在非流通股股东不认购的情况下配股能降低公司的平均股权成本以及“配股中的搭便车现象”——流通股股东明知配股有损于流通股价值,在个体理性的驱使下仍然认购配股。本文揭示了股权二元结构与现行配股制度的缺陷,有助于解释我国股票市场与上市公司的一些重要实证现象。

INFLUENCES OF RIGHTS OFFERING ON THE VALUE OF EQUITY OF CHINESE LISTED COMPANIES WITH DUAL-CLASS STOCKS

This paper develops a framework of dual-class equity structure, which is used to investigate the effects of rights offerings on the value of tradable shares and non-tradable shares. The paper analyzes the redistribution effect and the equity cost effect of rights issue, and the freeriding behavior in rights issues. The paper is helpful for us to understand the defects of dual-class equity structure and institutional arrangement governing the rights issues of Chinese listed companies, and useful for explaini...