多地上市的财富转移效应:中兴通讯发行H股融资的案例分析  

Wealth Transfer Effect in Dual Listing: Case Analysis of ZTE's H-Share Issuing

作　　者：鲁桂华[1] 

机构地区：[1]清华大学经济管理学院会计系,100084

出　　处：《中国会计评论》2004年第1期191-208,共18页China Accounting Review

摘　　要：自媒体首次披露中兴通讯可能赴港上市后,中兴通讯A股股价持续下跌。在股东大会上。以投资基金为代表的流通股东更是对公司发行H股的决议表示了明确的反对。根据财务理论的一般观点。只要公司发行股票是0-NPV行为,那么,仅当募集资金用于负NPV项目时。才有可能稀释原有股东的权益。经过分析,我们认为中兴通讯募集H股后进行的投资应是正NPV行为,因此以投资基金为代表的流通股东的反对并无根据,而且因其操纵导致的股价下降,更反映出我国股票市场微观结构的不完善。Since media exposed that ZTE company might issue H share in Hong gang, its Ashare price kept jumping down. In the shareholder meeting, investment funds on behalf of flowing shareholders firmly objected ZTE's decision on issuing H-share. According to financial theory, if companies' issuing is 0-NPV, then primary owner's equity will be diluted only when funds are invested in negative NPV programs. In the following analysis, we conclude that ZTE's investment after financing H share should be positive NPV. Therefore, objection from flowing shareholders and investment funds was not reasonable, and price falling due to their manipulation reflected imperfection of microstructure in Chinese stock market.

关 键 词：财富转移 案例分析 H股融资 

分 类 号：F832.51[经济管理—金融学]