【摘要】 为了解决企业"分拆上市"的弊端,国务院和证监会多次出台相关政策鼓励企业整体上市。已有文献集中在企业整体上市短期绩效和长期绩效的测量,但对于企业整体上市长期绩效形成机制的研究较为零散。本文基于规模经济、交易成本、同业竞争以及公司治理等方面的相关理论,构建了系统反映整体上市对企业长期绩效发生影响的模型架构,并采用2004年1月1日至2010年12月31日之间实施整体上市的71家A股企业为样本进行实证分析。研究结论表明:整体上市带来的规模经济、关联交易减少以及同业竞争减少对企业长期经营业绩的提高有较为显著的促进作用;但整体上市带来的公司治理结构优化对企业长期经营业绩提高的正面影响并不显著。本文试图打开企业整体上市问题的"黑匣子",探寻整体上市政策对企业业绩发生影响的主要逻辑通道。更多还原

【Abstract】 To solve the drawbacks of"spin-off listing", the State Council of China and the Securities Regulatory Commission of China(CSRC) have introduced a series of polices aiming at promoting and encouraging enterprises to list as a whole. The existing literature mainly focus on the measurement of short-term and long-term performance of"enterprise overall listing", but there is little systemic and comprehensive research on the formation mechanism of long-term performance of enterprise overall listing. Based on the scale economic theory, transaction cost theory, horizontal competition theory and corporate governance theory, a theoretical framework of the formation mechanism for the long-term performance of enterprise overall listing is established. And then this paper applies the sample data of 71 Chinese A-share companies, which implemented overall listing during January 1st, 2004 to December 31 st, 2010 for empirical analysis. Finally, this paper draws the conclusion that the economics of scale, the decrease of related transactions and horizontal competition, as the results of enterprise overall listing can significantly improve the long-term performance, but the contribution to the improvement of the long-term performance, from the corporate governance structure optimization,which is also the results of enterprise overall listing, is not obvious. The conclusion above tries to open the"black box"of enterprise overall listing, and attempts to explore the logical channel of how the policy of overall listing influences on the enterprise long-term performance.更多还原