杰克是个传统意义上的海归,十几年留学和工作生活之后,回到国内担任一家外资贸易公司的驻华代表。凭着在国外投资股票的一点经历,杰克开始将自己的钱投入中国股市。理由很简单,中国经济高速增长,中国股市怎么能不涨?买入国内一家知名金融机构股票两个月后,朋友们看到的却是杰克郁闷的表情。该股票一路上扬的走势随着上市公司增发新股计划的出台而宣告中止,并且开始持续地下跌。杰克不解,该银行的主营业务规模每年以20%以上的速度增长,在这么好的形势下融资一下有什么不可以?原来问题出在股本上。这家上市公司的股权结构是割裂的,这次增发融资的计划,实质是对于流通股东权益的一次侵害,但由于公司非流通股远远多于流通股,这项融 Jack is a returnees in the traditional sense. After studying and working and living for more than 10 years, Jack returned to China as a representative of a foreign-funded trading company in China. With some experience investing in foreign stocks, Jack began to put his money into the Chinese stock market. The reason is very simple, China’s rapid economic growth, how can the Chinese stock market rose? Buy a well-known domestic financial institutions two months after the stock, friends see Jack depressed look. The upward trend of the stock was suspended with the issuance of new shares plan of listed companies and began to decline continuously. Jack puzzled, the bank’s main business scale annual growth rate of 20% or more, in such a good situation what financing can not? The original problem is in the share capital. The shareholding structure of this listed company is fragmented. The plan of additional financing is in essence an infringement upon the shareholders’ rights and interests of the tradable shareholders. However, since the non-tradable shares of the company are far more than the outstanding shares, the financing