时间价值条件下上市公司多期增发动态分析

时间价值是长期再融资动态研究的关键,更符合实际.在简单多期的基础上,本文引入时间价值变量,并用离散和连续动态研究方法来考察增发动态特征.其讨论结果与简单多期对照表明,两者研究的动态性特征具有一定的相似性,比如净值与股价逼近值相同.不同在于,时间价值多期增发不存在每股净值和股价明显的顺序性,而其增发股价与净值的差的漂移率与流通股增长率之和等于收益率.这些结果可为新股多期增发的实证研究提供必要的理论支持,也适用于再融资问题如配股的讨论.

Dynamic analysis of listed company mutli-period SEO with time cost

To study the time cost in long-run refinancing,the time cost variables were introduced and the dynamic characteristics of SEO(seasoned equity offering) were analyzed by dispersed and continuous dynamic methods based on the simple multi-period SEO. The analysis results were compared with those of simple multi-period SEO,It is indicated that the net value and the stock price approach the same value,while there is no distinct subsequence between the net value and stock price for the time cost of multi-period SEO. The volatility of the difference between net value and stock price of SEO plus the circulating stocks’ growth rate equals to the return rate of capital. The result may give an essential theoretical support for SEO empirical study,and it is help to the research about right share.