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增发问题的本质是新股发行之后,权利在不同股东之间重新分配的问题。本文结合教学中的实例,对增发问题从不同角度进行定量分析,通过对例题的分析运算,帮助读者理顺关于增发问题的思路,掌握增发问题的分析方法,并进一步认识增发问题的本质。新股发行是股份有限公司为增资扩股,在现有注册资本的基础上再发行股份的行为。新股发行也称增资发行。有偿增资发行是一种旨在筹集资金的增资发行。公开招股是以社会公众投资者为发行对象(包括自然人和法人),由应募者认购新发行的股票。公司通过增发获得资源,而大股东通过对董事会和对经营管理层的控制最终实现对资源的控制。但是,如果控股股东每年都推出增发方案的话,最终将失去控股权。换句话说,增发可以看作是控股股东以控股权的弱化换取宝贵的资金。必须指出的是,尽管大股东的股权被稀释了,但并不影响其控股地位。实证分析的结果使我们可以得出新的结论:无论中签股数是2000股、1000股还是0股,在实际操作中只要公司推出“增发”方案,单虎的亏损是不可避免的。在不可流通股股权占主导地位的市场中,面向社会公众的有偿增资发行,是对长期持有可流通股的投资者从理念到操作方式的直接否定。
The essence of the additional issue is the issue of redistribution of rights between different shareholders after the issuance of new shares. Based on the examples in teaching, this article quantitatively analyzes the issue of issuance from different perspectives. Through the analysis and operation of the examples, we help the readers to straighten out the train of thought on the problem of issuance of additional questions and grasp the analytical methods of additional questions, and further understand the essence of the additional questions. The issue of new shares is a joint stock limited company for the capital increase, the existing registered capital based on the re-issue of shares. IPO also known as capital increase issue. The replenishment of replenishment is a kind of capital raising aimed at raising capital and issuing. The public offering is based on public investors (including natural and legal persons), by the applicants to subscribe for newly issued shares. The Company obtains resources through the issuance of additional shares while the majority shareholder ultimately controls the resources through the control of the board of directors and the management. However, controlling shareholders eventually lose their controlling stake if they issue additional issues each year. In other words, the issuance can be seen as a controlling shareholder in exchange for the weakening of the control of precious funds. It must be pointed out that although the majority shareholder’s equity is diluted, it does not affect its controlling position. The result of the empirical analysis leads us to come to a new conclusion: no matter the number of stocks signed is 2000 shares, 1000 shares or 0 shares, in practice, as long as the company introduced “additional” program, the loss of single tiger is inevitable. In the market where the non-negotiable shares are dominant, the paid-for capital increase for the general public is a direct denial of the concept and operation of investors who hold tradable shares for a long time.