Stock Pricing and the Equilibrium of Shareholder's Interests in Major Events

摘要

This paper cconstructs a model to analyze the equilibrium of shareholder's interests in the non-public offerings and asset injection,and does an empirical test of 50 listed companies in China's stock market.The model shows whether non-public offeting price equals intrinsic value is the critical condition to realize the equilibrium of shareholders'interests.However,the empirical results reveal there is not close relationship between the two,and significant difference exists in statistics.The average offering price is notably lower than the intrinsic value,which shows major shareholders are likely to seize the interests of minor shareholders.Moreover,the phenomenon is more common in good companies than in bad companies.