【摘要】 增发新股一般会导致公司股票价格下跌 (增发新股的股价效应 )。本文通过增发新股财富再分配效应理论模型的解读 ,揭示增发新股股价效应在我国的特殊性。在我国特定的股权二元结构格局下 ,增发新股会造成非流通股股东财富增加 ,流通股老股东财富减少 ,而且 ,非流通股股东为使财富增值最大 ,倾向于提高增发价格更多还原

【Abstract】 New issuance generally results in share-price’s falling, which is called "share-price-effect". The article, unscrambling the model of wealth’s reallocation effects in the new issuance, reveals the particularity of "share-price -effect" in the new issuance in China. In the context of duality of specially designated share structure in China, new issuance would make wealth existing shareholders of common stocks decrease and make wealth existing shareholders of state-owned stocks increase, as a result, to maximize their wealth existing shareholders of state-owned stocks to tend to raise the new issuance’s price.更多还原