This article researches the influence of seo on the shareholders " interests . and the result is : seo makes the no - public shareholders " interests increase and public shareholders " interests decrease 本文从理论和实证两个方面论证了增发对股东利益的影响：增发使非流通股股东受益，流通股老股东受损。
Last month , hainan airlines , a regional carrier in which george soros , a financier , holds a 14 . 8 % stake , announced plans to sell its non - tradable shares to finance expansion and repay debt 上个月，作为一家金融大鳄乔治?索罗斯入股14 . 8 %的地方性航空运营商，海南航空宣布计划卖出非流通股，为扩张筹资并用于偿还债务。
The overhang of non - tradeable shares has been blamed for the underperforming stock market , so the desire to issue options may be a powerful inducement to management to convert the non - tradeable shares 表现不佳的股票市场把责任归咎于非流通股的解决，因此发行股票期权的期望是管理层转化非流通股为流通股的强大的动机。
The directed reason is the price of the stock of reduction is illogical high and unfair and the method does not completely solve the problem , makes the non - circulation stock more than before and lacks the practical value 直接原因是减持价格过高，有失公正，且减持办法治标不治本，非流通股越减越多，缺乏应有的改革涵义。
The existence of nonnegotiable shares becomes the tool for nonnegotiable shareholders to get funds together and expand the gap of costs arnong the shareholders . at sarne time , it leads to the high profits rate of the market 非流通股的存在使其成为非流通股股东圈钱的工具、股东之间的成本差异极大、市盈率居高不下等问题。
2 . the existence of high proportion non - circulation stock is disadvantageous to the decreasing of agent cost . the reason is that the managers will be inclined to take low related or unrelated diversification 2 .高比例非流通股的存在不利于代理成本的降低，会使经理人员倾向于采取不相关或相关程度和类型都较低的多元化战略。
In order to avoid depressing prices further , the csrc and two - thirds of the public , minority shareholders will in each instance have to approve the conversion of non - tradable into normal shares 为了避免长时间压低价格，证监会和2 / 3的公众、少数股股东将不得不在每一例实施过程中就非流通股向普通股的转化问题达成一致并批准通过。
If the disposal of non - tradable shares in a pilot listed company requires the approval of the relevant department , the approval document shall be obtained and the same announced before the extraordinary shareholders ' general meeting is held 六、试点上市公司非流通股股份处置需经有关部门批准的，应当在临时股东大会召开前取得批准文件并公告。
Stock values of old stockholders and non - circuiting stockholders will decrease , while that of new stockholders will increase , the gain equils to the loss . it means that the three parters have played a zero - sum game 可以设计适当的增发方案，使这一零和博弈只发生在新股东与非流通股股东之间，老股东则可独立于游戏之外，其权益进而得到保护。
Second , equity financing can bring excess capital earnings to shareholders of the non - circulating shares . at the same time , shareholders of the non - circulating shares will get hidden earnings from the corporate controlling power of the listed 第二,股权融资给非流通股股东带来超额资本收益的同时,非流通股股东对上市公司的控制权形成隐性收益。
