文章基本信息

标题：Non-circulating equity and excessive equity financing
本地全文：下载
作者：Zuxuan Zheng ; Ye Zhou ; Da Li 等
期刊名称：Frontiers of Business Research in China
印刷版ISSN：1673-7326
电子版ISSN：1673-7431
出版年度：2007
卷号：1
期号：3
页码：422-436
DOI：10.1007/s11782-007-0025-9
出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：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.
关键词：non-circulating equity; excessive equity financing; net present value; Chinese stock market
其他关键词：非流通股，过度股权融资，净现值，中国股市