整体上市可以看作是企业对其边界进行调整,有利于整个企业集团降低交易费用和实现资产配置效率的最优化。中国证券市场的分拆上市是特定历史环境下的产物,随着我国经济改革的逐步深化,暴露出了很多问题。而整体上市相比拆分上市,有利于消除关联交易,使优质企业做大做强,为市场的金融创新拓展空间,是国有企业股份制改革的一个很好的路子。 The overall market can be seen as the adjustment of the enterprise’s borders, the entire enterprise group to reduce transaction costs and optimize the efficiency of asset allocation. The spin-off of China’s securities market is a product of a specific historical environment. As China’s economic reform gradually deepens, many problems have been exposed. The overall market compared to the split listing, is conducive to eliminating related party transactions, so that high-quality enterprises bigger and stronger for the market to expand the financial innovation space, the reform of state-owned joint stock companies is a good way.