Asset Injection and the Equilibrium of Shareholders Interests: A Study Based on Chinas Stock Market

摘要：

This paper constructs a model to analyze the equilibrium of shareholders interests in the non-public offerings and asset injection, and takes empirical test of 50 listed companies in Chinas stock market. The model shows whether non-public offering price equals intrinsic value is the critical condition to realize the equilibrium of shareholders interests. However, the empirical results reveal there is not a close relationship between the two, and exist significant difference 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.

作者: Zhujia Yin Jianhuan Huang

作者单位: School of Economics and Management Changsha University of Science & Technology School of Economics and Trade Hunan University

会议类型: 国际会议

会议名称: The Second International Joint Conference on Computational Science and Optimization(CSO 2009)(2009 国际计算科学与优化会议)

会议地点: 三亚

会议语种:英文

页码: 1617-1621

在线出版日期: 2009-04-24（万方平台首次上网日期，不代表论文的发表时间）