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本文从被转移目标资产的估值这一集团公司整体上市的起点入手,探讨了整体上市过程中利益转移等诸多问题。研究发现,整体上市中收购方与目标企业的股东权益均得以提升,进而揭示出整体上市总体上表现为双赢的过程;而双方权益均得以提升的根源在于资产证券化过程中的流动性;同时进一步分析了在获取流动性价值方面,国资背景企业集团相比非国资类型企业集团给予了原上市公司股东更大程度的让利;另外,随着时间推移,整体上市事件中所衍生的流动性价值水平在降低,一定程度上印证了市场有效性的增强。
This article starts from the starting point of valuation of the transferred target assets as a whole listing of the group company and explores many issues such as the transfer of benefits during the whole listing process. The study finds that the shareholders’ equity of the acquirer and the target company in the overall IPO are all improved, which reveals that the overall IPO performance is a win-win process. The root of the enhancement of the rights and interests of both parties lies in the liquidity in the process of asset securitization. Furthermore, it analyzes that in the aspect of obtaining the liquidity value, the background group of state-owned assets gives a greater degree of profit to the shareholders of the original listed company than the non-state-owned enterprise group. In addition, with the passage of time, the liquidity value The level is decreasing, to a certain extent, confirms the enhancement of market effectiveness.