整体上市路径及其评价研究

The Path of Listing as a Whole and Evaluation

不管是从微观市场环境方面还是从宏观政策层面来看,企业的整体上市不仅有助于提高资本市场资源的配置效率,增大证券市场的容量,形成一定的规模效应,也有利于提升我国证券市场的资源配置功能和运行效率。因此,推动企业整体上市无疑是促进资本市场与企业共同良性发展,实现国家、企业、控股股东、中小股东多方共赢的好事。本文试图围绕整体上市路径选择这个热点问题,就绩效评价进行比较全面而又深入的分析。

Abstract： For both microeconomic and macroeconomic views, listing as a whole is a good choice, which can enhance the efficiency of market resources allocation, expand the capability of security market, and form a certain scale-effect. Therefore, listing as a whole should be encouraged （compared with segmental listing） to promote sound development of capital market, and to realize a win-win result for the government, the listed companies, as well as the investors. This paper conducts a comprehensive analysis on both the theoretical and empirical side to try to find an optimal path for companies to list as a whole.