| 非流通股与过度股权融资 |
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| 摘 要： |
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Non-circulating equity and excessive equity financing |
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| Authors: | Zuxuan Zheng Ye Zhou Da Li Tao Zhao |
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| Institution: | (1) Room 2-101, Building 18, Renhe Quarter, Kaifeng, 475001, China;(2) Guanghua Management School, Peking University, Beijing, 100871, China;(3) Henan University, Kaifeng, 475001, China |
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| Abstract: | In the Chinese stock market, the price of exchangeable stock is determined by the discounted future uncertain cash flow, while
the price of non-circulating stock depends on per book value. In general, because investors holding non-circulating equity
maintain the control power, corporate finance and investment decisions reflect their interests. The pricing mechanism of non-circulating
stock violates the basic pricing principle of the capital market. Therefore, corporate finance decisions deviate from the
NPV (net present value). As a result, excessive equity financing problems would occur in the listed companies.
Translated from Shijie Jingji Wenyuan 世界经济文源 (World Economic Forum), 2004, (4): 41–50 |
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| Keywords: | non-circulating equity excessive equity financing net present value Chinese stock market |
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