中国国有企业的改制上市模式与发行效率

Listing Mode and Issuing Efficiency of Chinese State-owned Enterprises

本文考察了我国国有企业的改制上市模式与发行效率的关系以及整体上市的意义与可行性。通过对1998￣2002年间上市的360家国有企业的实证研究,证明了整体上市的国有企业发行效率较高,而分拆上市的国有企业发行效率较低。本文还通过理论分析结合案例阐明了促进分拆上市的公司进行整体上市是解决历史遗留问题、降低交易成本、提高经营效率的有效方式。

This paper researches the relationship between the listing mode and issuing efficiency of Chinese state-owned enterprises and the significance and feasibility of holistic listing. Our empirical study regarding 360 SOEs listed from 1998 to 2002 shows that holistically listed firms have a more efficient issuing efficiency than those listed partially. Through theoretical analysis and case study the paper concludes that holistic listing is a good way to solve historical problems, reduce transaction cost and improve the operating efficiency of the partially listed firms.