摘要
随着资本市场的不断发展,增发新股作为一种新的融资方式在近年来普遍受到上市公司的青睐。本文讨论了增发新股对处于不同发展阶段的上市公司可持续增长的影响,通过在增发新股情况下的可持续增长模型并结合中国上市公司增发新股的实际情况得出:增发新股对公司当年的可持续增长力有正面的影响,但是对公司今后的可持续增长的影响却是负面的。上市公司未来的可持续增长主要还是取决于通过增发新股筹资的投资项目资产净利率(RO^A,其中^表示期初总资产)的高低以及公司的股利政策和股本结构。
With the development of capital market, supplemented issuance of new equity as a sort of new financing style has been in the favor of listed corporations in recent years. This paper discusses the influence of supplemented issuance on corporations' sustainable development in different development phase. Through the sustainable development model in supplemented issuance of new equity and the actual condition of Chinese corporations, we educe: supplemented issuance of new equity has a positive influence on corporations' sustainable development in the same year, but has a negative effects on its sustainable development in the future. Sustainable development of the corporation mostly lies in the ratio of investment case through supplemented issuance of new equity, corporations' dividend policy and capital structure.
出处
《上海财经大学学报》
2004年第6期39-45,共7页
Journal of Shanghai University of Finance and Economics
