上市公司初始股权结构分析

上市公司发起人对初始股权结构的设计是筹资者与投资者之间的第一次也是非常重要的一次“契约安排”。在价格管制与额度发行背景下,发起人必须在发股收入最大化与持股比例最大化之间有所取舍,不能两者兼得。本文建立了指导发起人在实现自身利益最大化目标下壬响设计初始股权结构的模型,并以此模型计算结果为最优初始股权结构。对上市公司初始股权结构设计现状进行的实证研究,发现实际发起人持股比例远高于最优持股比例,并对“65％现象”进行了新的解释。

Analysis on the Initial Stock Equity Structure of the Listed Companies

Sponsors' design of the initial stock equity structure is the first material "contract arrangement" between the financing entity and the investors. Under the background of price regulation and proportionate issuing of stocks, sponsors are impossible to achieve both the maximization of the issuing revenue and that of the proportion of their held stocks. They must make out a balance between the two. This thesis builds a model directing sponsors to design the initial stock equity structure that realizes the maximization of their interests. This thesis also carries out a positive research, based on the optimal initial stock equity structure obtained as the result of this model, on the current reality in the design of the initial stock equity structure. The research shows that the stock proportion held by the sponsors now is far higher than the optimal proportion and it explains the "65% phenomenon" in a new way.