Dissertation > Excellent graduate degree dissertation topics show

China's listed companies issuing new shares to shareholders the impact of interest

Author: LiYanJin
Tutor: ShiYongDong
School: Dongbei University of Finance
Course: Finance
Keywords: seasoned equity offerings public shareholders no-public shareholders controlling shareholders minority shareholders
CLC: F832.5
Type: Master's thesis
Year: 2003
Downloads: 317
Quote: 0
Read: Download Dissertation

Abstract


Seasoned equity offering (SEO) is the important way to optimize resources of market economy in the stock market and has become the prevailing refinancing way in foreign developed capital market with its rationality existing. With the change of the industry environment of our country, improvement of the supervision, SEO turns to be the first-selected refinancing of listed company of our country because of its intrinsic advantages. This article researches the influence of SEO on the shareholders’ interests. And the result is: SEO makes the no-public shareholders’ interests increase and public shareholders’ interests decrease. Thus SEO turns into the information of "empty profits" of investors in the stock market Traced to the reason, it is because of the special equity structures of listed company in our country and the fact that our security market is lack of effective mechanism to protect the investors’ benefit.Under the two-dimension equity structure, public shares and no-public shares coexist and have different ways to realize their interests. No-public shareholders realize their interests mainly through premium issue, net assets appreciation and money bonus. While for public shareholders, they can circulate their stocks at the secondary market and make them cashed at any time. The fluctuations of dividend and stock price are very critical, and they pay attention to the sustainable development and promotion of the listed company. SEO leads to the fact that no-public shareholders’ wealth increase and public shareholders’ reduce. Thus no-public shareholders incline to raise the price of SEO to make their stock wealth maximized.Because of special historical and systematical reasons, listed company forms the existing two-dimension equity structure. No-public shareholders (mainly state-owned shareholder), in the holding position, account for two-thirds of stock equity and are controlling holders; while no-public shareholders (minorityshareholders in main) account for only one-third of proportion of the whole equity, and disperse very much. The controlling stockholders of listed company of our country control the board of directors, manager’s floor and the supervisory-board, and pass the proposal of SEO ignoring the minority shareholders’ interests. Even in the course of the management of listed company, it takes place occasionally that the controlling shareholders infringe the minority stockholder’s legitimate interests.Protecting the legitimate interests of the shareholders, especially that of the minority shareholders is the key for our security market to develop healthily. The controlling shareholders of listed company take advantage of their control over the company, and aggression the interests of the minority stockholders, which has something to do with the fact that the listed company of our country didn’t reform completely, equity structure is unreasonable, the corporate government structure is imperfect, the laws and regulations are not perfect, etc. In order to protect the minority shareholder’s legitimate interests in our country and guarantee the security market of our country to develop in a healthy way, we must take steps, improving the equity structure, amplifying the corporate government structure, perfecting the corresponding laws and regulations, and setting up effective mechanism of protection of minority stockholder’s interests.

Related Dissertations

  1. The Discussion of the Legal Status of Minority Shareholders in the Articles of Incorporation,D922.291.91
  2. Theory on Legal Protection of Minority Shareholders’ Interest in Tender Offer,D922.291.91
  3. Acquisition of Listed Companies Protection of Minority Stockholders' Interests,D922.291.91
  4. Independent directors to protect the interests of minority shareholders in the role of,F276.6
  5. On the interests of minority shareholders derivative litigation protection,D922.291.91
  6. A Study on the Influence of the Marketization Process and Corporate Governance on Private Benefits of Control,F276.6
  7. Evaluation Research on Behavior of Manipulating Information Disclosure,F832.51
  8. An Empirical Study of the Relationship between Controlling Shareholder and Accounting Earnings Quality,F276.6
  9. Discussion about Cumulative Voting System,D922.291.91
  10. On the M \u0026 protection of interests of minority shareholders,D922.291.91
  11. The Nature of Controlling Shareholder and Tunneling,F832.51
  12. A Study on the Influence of Government Intervention and Tunneling M & A among Related Parties Launched by Controlling Shareholders,F272
  13. Research on Shareholds’ Votiong Right,D922.291.91
  14. The Study of Law System of Investor Protection Association,D922.291.91
  15. Improvement of Shareholder Derivative Action in China,D922.291.91
  16. Mandatory Surplus Distribution Lawsuit Theory Research,D922.291.91
  17. Study on Relationship between Free Cash Flow, Controlling Shareholders and Cash Dividend Distribution,F832.51;F224
  18. Corporate Governance, Interests Infringed and Investors’ Identification,F275;F224
  19. Empirical Study on Relationship between Corporate Value and Separation of Ultimate Controlling Shareholder’s Cash Flow Right and Control Right,F224
  20. Research on the Market Response to the Behavior of Controlling Shareholders’ Propping,F224
  21. The Pyramid Structure and the Interests of Minority Shareholders,F832.51;F224

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
© 2012 www.DissertationTopic.Net  Mobile