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中国资本市场上流通股与非流通股的划分,造成控股股东关注非流通股的增值,管理层关注控制权收益,在再融资的选择上,管理层与控股股东都会选择股权再融资,本文指出其根本原因是股东拥有的权利不完整与二元股权结构下不健全的公司治理结构。
The division of tradable shares and non-tradable shares in China’s capital market has caused the controlling shareholder to focus on the appreciation of non-tradable shares. The management is concerned about the gains of control rights. In the choice of refinancing, management and controlling shareholders will choose equity refinancing. The fundamental reason is the incomplete ownership of shareholders and the unsound corporate governance structure under the dual shareholding structure.