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An Analysis of the Influence of Supplemented Issuance on Corporations' Sustainable Development
Author(s): 
Pages: 39-45
Year: Issue:  6
Journal: JOURNAL OF SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS

Keyword:  增发新股可持续增长ROA;
Abstract: 随着资本市场的不断发展,增发新股作为一种新的融资方式在近年来普遍受到上市公司的青睐.本文讨论了增发新股对处于不同发展阶段的上市公司可持续增长的影响,通过在增发新股情况下的可持续增长模型并结合中国上市公司增发新股的实际情况得出:增发新股对公司当年的可持续增长力有正面的影响,但是对公司今后的可持续增长的影响却是负面的.上市公司未来的可持续增长主要还是取决于通过增发新股筹资的投资项目资产净利率(ROA,其中表示期初总资产)的高低以及公司的股利政策和股本结构.
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