Stock Pricing and the Equilibrium of Shareholders Interests in Major Events
This paper cconstructs a model to analyze the equilibrium of shareholders interests in the non-public offerings and asset injection,and does an empirical test of 50 listed companies in Chinas stock market.The model shows whether non-public offeting price equals intrinsic value is the critical condition to realize the equilibrium of shareholdersinterests.However,the empirical results reveal there is not close relationship between the two,and significant difference exists in statistics.The average offering price is notably lower than the intrinsic value,which shows major shareholders are likely to seize the interests of minor shareholders.Moreover,the phenomenon is more common in good companies than in bad companies.
non-public offerings assets injection shareholder the equilibrium of interests
Jianhuan Huang Zhujia Yin
School of Economics and Trade,Hunan University School of Economics and Management,Changsha University of Science & Technology
国际会议
长沙
英文
989-995
2008-10-28（万方平台首次上网日期，不代表论文的发表时间）