中文摘要：

本文基于大股东财富增值的角度,通过构建大股东的效用函数模型,研究全流通条件下大股东在股份增持活动中的利益倾向和可能的行为选择。研究表明,不管是通过二级市场,还是通过认购新股的方式增持,大股东均有操纵价格的动机,价格操纵的空间大小与操纵成本密切相关。并且,当大股东通过资产注入方式认购新增股份时,还会借助虚增注入资产价值的方式实现利益转移。

英文摘要：

On the basis of large shareholder＇s benefit maxium motivation,this paper devises a model to analyze large shareholder＇s inclination and behavior in the process of adding share.It finds that large shareholder has a tendency to manipulate stock price and value of assets that is invested into the corporation.And the manipulation degree is subject to the cost of doing manipulation.