我国集团公司整体上市模式和市场反应情况的研究.pdfVIP

本文的研究结果表明，通过整体上市，能为上市公司股东带来二级 市场的股票溢价效应；而上市公司也可以在极短的时间内实现外延式的 迅速扩张。整体上市总体上并没有改善上市公司的盈利能力，所注入资 产的负债率也偏高，但通过整体上市可以适当降低上市公司的市盈率。 希望能有更多地上市公司，借助整体上市这一平台，加快我国重 大资产重组进程，优化、升级产业结构，提高行业资源整合能力，以实 现经济的有效、平稳发展。 关键词：整体上市，模式，超额收益率，多变量分析 V THE RESEARCH ON OV ERALL LISTING MODELS OF CHINESE GROUP COMPANIES AND MARKET RE ACTION ABSTRACT After entering the full circulation age, the concept of overall listing is still gong to be the focus of the market attention. The overall listing is not merely the solution to resolve the long existing problem of related transaction, and what is more important is that under the current circumstances of slowing down the revenue increase of the listed companies, it provides the new growth vitality, even make some companies a thorough quality-upgrade. Even central government has paid much more attention on the overall listing model. To the shareholders of the listed companies, what they concern is that if the overall listing can increase the value of the companies, can bring investors fortune, which is also the topic this article would like to discuss. The article first introduces the research background, research meaning, research methods and the four primary overall listing modes. With the all existing literature about the overall listing, we can see most articles take a positive view towards the overall listing, which these articles think can help to overcome the recalcitration of the related transaction in the capital market, and bring out the overall superiority of the group and provide the investors the excess returns. VI Under such circumstances, this article uses the case study and multiple variables analyses to study whether the overall listing can provide investors excess returns. Exemplifying the enterprises finishing