【摘要】 股权分置改革之后,我国证券市场出现了许多"分拆"上市的上市公司通过定向增发新股实现集团公司整体上市的现象。整体上市不仅可以延长上市公司的产业链,减少上市公司与集团公司之间的关联交易,降低交易费用,产生规模效应,还可以减少集团公司内部的同业竞争,带来管理协同效应和财务协同效应,从而提高上市公司的经营业绩和增加股东财富。本文采用沪深证券交易所2006年7月1日至2008年6月30日间已实施整体上市的上市公司样本数据,检验了整体上市对公司经营业绩及股东财富的影响,实证结果表明整体上市可以提高上市公司的经营业绩和增加股东的财富。更多还原

【Abstract】 After the reform of non-tradable shares,many spin-off listed companies have achieved the group companies’ holistic listing through the private placement of new shares in China’s securities market.Holistic listing can not only extend the industrial chain of listed companies,reduce the associated business between listed companies and group companies,lower transaction costs and generate economies of scale,but also reduce the intra-industry competition within the group and bring the management synergies and the financial synergies.Thus,it could improve the listed companies’business performance and increase shareholder wealth.In this paper,we use the sample data of listed companies in Shenzhen and Shanghai Stock Exchange which had been implemented for holistic listing during July 1,2006 to 30 June 2008 to test the impact of holistic listing on the company’s business performance and shareholder’s wealth.The empirical results show that holistic listing can improve the business performance and increase shareholder wealth of the listed companies.更多还原