国企整体上市是继股权分置改革基本完成后提升中国证券市场国际竞争力的一项措施,也是培育和提升国企整体竞争力的一项措施。随着投资者对国企整体上市预期的增强,许多中央国企及地方国企都在制定并逐步实施国企整体上市的计划,政策层面也给予了高度关注和相应支持。然而,必须意识到,在当前国企整体上市的进程中,股价在高位运行,以定向增发为主要手段的资产注入式整体上市模式蕴含了较大的风险,不仅诱发了一些有整体上市概念的上市公司过高估值,而且因为过大预期导致股价畸高,形成对证券指数的增量推 The overall listing of state-owned enterprises is a measure to enhance the international competitiveness of China’s securities market after the basically completed share reform and a measure to foster and enhance the overall competitiveness of state-owned enterprises. As investors expect the overall increase of state-owned enterprises, many central SOEs and local state-owned enterprises are all making and gradually implementing plans for the overall listing of state-owned enterprises. Policies and policies have also given them great attention and support. However, we must be aware that in the process of overall listing of state-owned enterprises, stock prices are running at a high level, and private equity infusion-based overall listing with private placement as the main means poses greater risks. This not only induces some public listing with the concept of overall listing, The company is overvalued, and because the over-expectation results in a very high stock price, an incremental push on the securities index