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近年来,整体上市逐渐成为我国企业尤其是国有企业治理改革的重要方式。本文以2007~2010年间72家宣告并完成整体上市的企业为研究对象,采用事件研究法,通过计算其上市后的购买并持有超额收益(BHAR)来衡量长期财富效应,并对比分析定向增发与换股模式两种不同的整体上市模式下超额收益的差异。研究表明,整体上市能够带来长期财富效应,且呈现先上升后下降最终趋于稳定的趋势;相比换股模式,定向增发能够带来更显著的超额收益。
In recent years, the overall listing has gradually become an important way for the reform of corporate governance in our country, especially for state-owned enterprises. In this paper, 72 companies announced and completed their IPO from 2007 to 2010 are selected as research objects. Event-based approach is adopted to measure long-term wealth effect by calculating their post-IPO purchase and holding excess returns (BHAR) Differences in excess returns in the two different overall listing models with the conversion model. The research shows that the overall market can bring long-term wealth effect, and the trend of the first increase and then the decline tends to stabilize finally. Compared with the conversion model, private placement can bring more significant excess returns.