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中文摘要：
增发是证券市场再融资的重要方式，增发不仅对证券市场产生短期的财富效应，也会对证券市场中长期的绩效产生重要影响。本文以会计新规为研究视角，分析了上市公司股权关联性与增发认购选择权的内在逻辑，构建了会计新规下上市公司财富效应的测度模型，在此基础上，揭示了上市公司财富效应的演进机理，并以此为依据，设计了基于财富效应的上市公司增发认购策略。研究表明，在两种增发模式下，均存在唯一的临界增发价格，其决定了净资产增值带来的潜在收益与股份稀释引发的潜在损失之间的动态对冲状态，从而决定了上市公司财富效应的动态分布规律；此外，在财富效应驱动下，上市公司将实施差别化的增发认购选择权。
英文摘要：
This paper analyzes the internal logic between equity correlation and additional call option from listed companies and builds the measurement model of listed companies wealth effects based on Accounting New Regulations. This paper reveals the mechanism to listed companies wealth effects evolution process. On this theory basis of which, this paper designs the subscription strategy to issuance of additional shares for listed companies based on wealth effects. The research shows that the existence of the only critical issuance price which determines dynamic hedging status between potential benefit from net capital gains and potential losses from diluted shares, which also determines dynamic distribution law of listed companies wealth effects. Moreover, listed companies will reinforce different additional call option with wealth effects driving.
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