优质大型企业境内上市市场效应的分析

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1、优质大型企业境内上市市场效应分析摘要本论文选题源于2006年上海证券交易所联合研究课题《优质大型企业境内上市价格压力研究》，本论文是该课题的研究成果之一。我国证券市场早期由于规模小，体制不甚完善、投资理念不够成熟等诸多原因，一些优质大型企业选择境外市场融资。优质上市资源的流失不但对我国经济安全、资本市场建设造成不利影响，也造成我国证券市场参与者的利益流失。随着我国证券市场股权分置改革的逐步深入，制度规则的不断完善，境内证券市场容纳优质大型企业境内上市的大环境已形成。人们迫切希望优质大型企业境内上市的同时，也担心因此对市

2、场造成不利影响，特别是对市场价格的压力。本文首先从理论上对优质企业境内上市可能造成的影响进行分析，然后用事件分析法，选取六个具有代表性优质大型企业进行实证研究，检验其对大盘及不同组别上市公司股价的影响。最终发现，优质大型企业上市对市场的价格负面效应并不具有显著规律。因此，通过完善市场制度、选择好上市时机、培育机构投资者等措施，优质大型企业境内上市对市场的积极效应将能够得到充分发挥。关键词：优质大型企业境内上市市场效应AnalysisOilMarketEffectofQualityLargeEnterprisesList

3、edindomesticMarketABSTRACTTherefifesomenegativecharactersinChina。Searlysecuritiesmarketsuchasthesmallsize，themeompletesystem，immatureinvestmentphilosophy,ete．Becauseofthosereasons．somequalitylargeenterpriseshavechosenqualityoverseasmarkets．Thewashoutofqualitylis

4、tedresourcesnotonlyadverselyaffectsoureconomicsecurityandbuildingcapitalmarkets，butalsocausestheinterestsoftheparticipantslost．Asthegradualdeepeningofthenon-tradablesharereformofChina'ssecuritiesmarket，andthesystemrulescontinuouslyimproved，theenvironmentthatacco

5、mmodateslargeenterpriseslistedhasbeenformed．WhilepeoplealeeagertopleasewiththeIPO(initialpublicoffering)ofthequalitylargeenterprisesinthedomesticmarkets，theyworryaboutthenegativeeffectonthemarket，especiallythepressureonthemarketprice．Thispaperanalyzestheoretical

6、ly_thepmbableeffectofthedomesticIPO(initialpublicoffering)ofthequalitylargeenterprisesfirstly,andtheni．ISeStheincidentanalysis，undertakesallempiricalstudytestofsixrepresentativequalitylargeenterprisesandthedifferentgroupsoflargelistedcompany’Ssharepriceeffect．Ev

7、entuallyfound，thenegativeeffectontheonthemarket面eeoftheIPO(initialpublicoffering)ofthequalitylargeenterprisesinthedomesticmarketsisnotsignificant．Therefore，bycompletingthemarketsystem，choosinggoodlisttime，cultivatinginstitutionalinvestors，thepositiveeffectoftheI

8、PO(initialpublicoffering)ofthequalitylargeenterprisesinthedomesticmarketstallbebroughtintofullplay．Keywords：QualityLargeEnterprises；ListedindomesticMarket：MarketEf&ct