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王汀汀和刘力的“中国股票市场A股增发折价研究”一文首次对中国A股市场新股增发折价进行了比较系统的研究。论文首先通过一个基于二元股权结构下的流通权价值模型,刻画了增发股份折价的可能形成原因,然而对这一原因进行了实证检验。文章的主要发现与结论是,增发股份上市首日新股东获取的收益与增发新股在增发后总股本中的比例正相关,这一结果为流通权价值
Wang Tingting and Liu Li’s “A Study on Additional Discount for A-shares in Chinese Stock Market” conducted a systematic study on the discount of additional IPO of China’s A-share market for the first time. The thesis firstly describes the possible reasons for the discount of additional shares based on the value model of liquidity under the dual ownership structure. However, an empirical test is carried out on this reason. The main findings and conclusions of the article are that the proceeds obtained by the new shareholders on the first day after the issuance of additional shares are positively related to the proportion of new shares issued in the total share capital after the issuance of the additional shares,