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论文编号：	765
作者编号：	2220060619
上传时间：	2008/6/24 10:03:16
中文题目：	大型国企整体上市动因与模式选择
英文题目：	The large state-owners enterpr
指导老师：	陆宇健
中文关键字：	国企 整体上市 动因 模式
英文关键字：	State-owned enterprise listed
中文摘要：	由于历史原因，我国大部分上市公司是集团公司从其经营性资产中剥离出一块盈利性高、发展前景好的资产进行上市，筹集资金，是由公司“分拆上市”而来的。这种做法为上市公司的规范运作留下了不少的隐患，给国内股市带来了许多不容忽视的问题。为解决此历史遗留问题，就要求证券市场进行最重要、最基本的制度创新，就出现了相对于分拆上市而言的整体上市。 随着资本市场的发展完善，工商银行、宝钢股份的整体上市表明资本市场已经有能力承受大盘股。同时，2006年以来国资委大力推行央企做大做强，鼓励央企整体上市。一时间央企整体上市成迅速成为我国资本市场的一个热门话题。在这一政策背景下，对整体上市进行从理论到实践的系统研究，分析央企整体上市的动因、模式选择及其对我国资本市场和企业产生的影响，为我国央企提供整体上市的思路，是一个具有重大意义的研究课题。 整体上市是相对于分拆上市而提出的，本文首先从整体上市的理论基础进行分析，推导出整体上市符合企业边界理论，符合交易成本理论。在此基础上，深入分析企业整体上市的动因，整体上市能够最大限度避免关联交易并能够提高公司的治理水平。其次，在上述整体上市存在众多优点的情况下结合我国目前央企整体上市的现状，分析央企整体上市的模式及适应的条件，并指出整体上市的意义和存在的一些问题。再次，本文结合XXX案例分析企业整体上市的动因，深入剖析XXX企业股份制改革的动因及选择“A+H”整体上市模式的原因。最后，总结整体上市的动因及五种上市模式，指出存在的问题并对拟整体上市公司提出建议。
英文摘要：	Due to historical reasons, most of China's listed companies are properties which have profit-making, good prospects and stripped from the group operating assets for the development of the assets listed and raising capital. The companies are "carveout". This approach left a lot of hidden dangers to regulating the operation of listed companies and brought many problems which could not be ignored to the domestic stock market. To address the problems left over by history, it asks for the securities market to make institutional innovation that is the most important and the most radical. And there are whole appears on the market which oppose to carveout. With well-developing of capital market, the whole appear on the market of the Industrial and Commercial Bank and Baoshan Iron &Steel shows that the capital market has the ability to bear market shares. At the same time, the State Assets Administrative Committee put into effect to enlarge and strengthen the implementation of national enterprises and to encourage national enterprises listed as a whole from 2006. National enterprises listed as a whole is rapidly becoming China's capital market speculation of people. In the context of this policy, , , for providing the overall level of China's central listing of the ideas, it is a very significant study that system research of the overall market from theory to practice , analyze on China's capital market and the impact of enterprises and provide the train of thought for national enterprises listed as a whole. Listed as a whole is opposed to splitting the listing, firstly the paper analyzed the theory basis of listed as a whole, derived theory of listed as a whole in line with business principles and the transaction cost theory. On this basis, we can deeply analyze the motives of companies listed as a whole, avoid the transactions in maximum extent in total and improve corporate governance standards. Secondly, underd good conditions of listed as a whole, connected with the overall situation of China's current national enterprises listed as a whole, we could analyze the mode and adaptation to the conditions of national enterprises listed as a whole. Once again, we could analyze choice of the motives and mode through the company which have listed as a whole and point out problems of the significance and existence of listed as a whole. Finally, this article combined with case of the mode of choice of enterprises listed as a whole and summed up the problem and the basis of constructive views.
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