Non-public Offerings, Asset Injection and the Equilibrium on Stockholders Benefit

摘要：

This paper tries to construct a model to analyse the equilibrium of shareholders benefits in the non-public offerings and asset injection. The model shows that the main motivation of major stockholders is to seek liquidity premium and market value increase of assets after injection, only when asset injection creates new value can real benefit equilibrium be realized. The stock price of non-public offerings is critical to the equilibrium and distribution of shareholders benefits in long-term, and the offerings price realized equilibrium should be equal to intrinsic value per share when not considering new value.

关键词： non-public offerings asset injection shareholder equilibrium of benefits

作者: YIN Zhujia HUANG Jianhuan

作者单位: School of Economics,Changsha University of Science & Technology,P.R.China,410076 School of Economics and Trade,Hunan University,P.R.China,410079

会议类型: 国际会议

会议名称: The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)

会议地点: 杭州

会议语种:英文

页码: 532-538

在线出版日期: 2008-05-18（万方平台首次上网日期，不代表论文的发表时间）