However, whether the benefit protected by the antitrust law is allocative efficiency or is the consumer welfare, antitrust experiences have not yet reached any consensus. 反托拉斯立法的保护法益，是以配置效率为主或以消费者福利为对象，实务上则仍未有一致的结论。
It is therefore believed that investors are misled by the surplus management to overvalue the stocks, leading to sliding efficiency of capital allocation. 本文认为，上市公司配股过程中的盈余管理误导了投资者的决策，造成了股票价值的高估和资本配置效率的下降。
