|Equity should be debt of company.
Value of equity is fixed on the ground of asset and profit etc. of company.
Going public is system to raise money that will be acquired in the future
In general, it is regarded as debt to receive money previously on security
of money that will be acquired in the future. Therefore equity should be
regarded as debt of company.
If equity is regarded as debt of company, sum of dynamic value diminishes
to the same degree as amount of going public. (Sum of equity becomes debt
of company.). If it is applied to (Fig.13, Fig.15), sum of dynamic value
of each company is ¥0.
Current equity is mistaken system that occurs dynamic value (money) without
debtor. As equity is debt of issuing company, issuing company should buy
back equity at market value.
It is explained that equity is double possession of value of money. However,
if equity is regarded as debt of company, the duplication is resolved.