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通过搜集与分析2006～2009年申请首发上市审核的企业数据,本文发现近几年来各级地方国企申请首发上市的数量十分稀少。这反映了地方政府对企业上市的选拔与结果的影响式微,这是二十年来全国建立与不断强化证券集中监管与上市审核权力的结果。全国集中证券监管体制的形成与不断强化使得不同所有制的企业能够相对公平地竞争上市机会。这样,适应市场能力更强(表现为财务指标更好)的非公有制企业(特别是在民营经济发达的沿海省份)相比各级地方国企,能够在全国统一的上市审核体制中获得更多的上市机会。更进一步探究全国证券集中监管体制的形成原因,八、九十年代计划向市场转轨的过程中,中央政府面临的持续通货膨胀压力是证券监管集中化的历史因素。
By collecting and analyzing the corporate data of initial public listing applications from 2006 to 2009, this paper finds that the number of IPO applications of local state-owned enterprises at all levels is very scarce in recent years. This reflects the influence of local government on the selection and the result of the listing of enterprises. This is the result of establishing and continuously strengthening the power of central securities supervision and listing examination in the past 20 years. The formation and constant strengthening of the centralized securities regulatory system in the country enables enterprises of different ownership systems to relatively fairly compete for listing opportunities. In this way, non-public-owned enterprises (especially those with developed private economy) that are more able to market more (with better financial indicators) than local state-owned enterprises at all levels can obtain more Listing opportunity. To further explore the reasons for the formation of a centralized securities regulatory regime in the country, the continuous inflationary pressures the central government is facing during the transition from the 1980s and 1990s to the market are the historical factors of centralized securities regulation.