noun
pre-emptive right to subscribe for new shares
A legal right of existing shareholders to purchase newly issued shares before they are offered to others, often in proportion to current holdings.
株主は新株引受権を行使して、新しく発行される株を買うことができる。
Shareholders can exercise their pre-emptive rights to purchase newly issued shares.
新株予約権 is a stock acquisition right (often a warrant or option), while 新株引受権 specifically refers to the pre-emptive right to subscribe for new shares in a rights offering.
Compound of 新株 (new shares), 引受 (subscription, underwriting), and 権 (right).