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国有股减持政策出台以后 ,伴随着股市的剧烈波动 ,在社会上引起了强烈的反响 ,争议的核心是减持办法是否损害了中小投资人的利益。本文运用一系列合理假设 ,讨论了减持国有股是否加重了增发融资对股东权益的稀释程度 ,从而对减持办法的政策绩效进行了评价。分析结论认为 ,国有股减持方案确实加重了增发对原有股东权益的稀释程度 ;在此基础上 ,我们讨论了相关主体可能的行为模式。
After the introduction of the state-owned shares reduction policy, with the dramatic fluctuations in the stock market, it has aroused strong repercussions in the society. The core of the controversy is whether the reduction measures will damage the interests of small and medium-sized investors. This article uses a series of reasonable hypotheses to discuss whether the reduction of state-owned shares aggravates the dilution of additional financing for shareholders’ equity, and evaluates the policy performance of the reduction measures. The conclusion of the analysis is that the scheme of reducing shares of state-owned shares does aggravate the degree of dilution of the existing shareholders’ rights and interests; on this basis, we discuss the possible behavior patterns of related parties.