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ID:32069512
大小:1.46 MB
页数:46页
时间:2019-01-31
《优质大型企业境内上市市场效应的分析》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
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
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