I
摘要
由于历史原因，我国很多上市公司是由集团公司从其经营性资产中分拆部分优质
资产而来。但这种分拆上市也为上市公司规范化运作留下了巨大的隐患，如不正当的
关联交易、恶性贷款担保与大股东占用上市公司资金等问题层出不穷，成为上市公司
从根本上完善治理结构的障碍。

因此，证监会、国资委等有关部门于 2003 年开始制定相关政策探索大型国有企
业整体上市的途径，此后陆续出台了《关于推进国有资本调整和国有企业重组的指导
意见》等规范性文件，支持具备条件的优质大型企业集团实现整体上市。在 2014 年
国资委召开的全国国资监管工作会议上更提出要加快大型国企整体上市的步伐，加大
调整重组，提高经济活力，带动中小企业健康发展。以整体上市来推动资源整合、优
化产业结构愈加受到政府和企业的青睐。

整体上市已成为大势所趋，且其优越性也已得到理论和实务届的广泛认可。但目
前学术界关于整体上市的相关研究仍很不完善，已有文献主要是阐述整体上市的路径
以及其在改善公司治理、提高公司绩效方面发挥的正面作用，关于不同利益相关者特
别是机构投资者的参与对整体上市影响的研究仍较为缺乏且存在很大争议。

基于此，本文以 2004—2014 年 10 年间深沪两市 A 股进行定向增发整体上市的公
司为研究样本，以机构投资者为研究视角，采用事件研究法，系统分析机构投资者是
否参与认购及其认购比例对定向增发整体上市市场反应的影响，并进一步将机构投资
者六分类，研究其异质性的差异影响。研究发现：（1）定向增发整体上市的市场反应
显著为正，且有机构投资者参与的市场反应更好；（2）信托、保险、其他公司与发行
公司可能存在某种商业关系，使意见不具有独立性，其参与程度对整体上市市场反应
不产生显著影响；（3）券商、基金、投资公司等相对独立的机构投资者的认购比例与
定向增发整体上市市场反应之间存在倒 U 形关系，且在市场反应转折点上，券商的认
购比例最低，而投资公司的认购比例最高。

关键词：机构投资者;定向增发;整体上市;市场反应北京理工大学硕士学位论文
II
Abstract
Due to historical reasons, many listed companies in China are partitioned offerings.
But this also leave great hidden danger for the standardized operation of listing
corporations, such as improper related party transactions, malignant loan guarantee, the
occupation of funds by major shareholders, et al., which will become big barriers to perfect
the governance structure of the listing corporations.
Therefore, the Commission, the SASAC and other relevant departments began to
formulate relevant policies to explore ways to wholelisting of large state-owned enterprises
in 2003. Then many normative documents were successively promulgated to support
qualified large enterprise groups to achieve the overall market, for example, guidance on
promoting the adjustment of state owned capital and the reorganization of state-owned
enterprises . In the conference on national asset supervision held by SASAC in 2014, the
work to speed up the wholelisting of large state-owned enterprises was emphasized, we
should Increase the adjustment and reorganization, improve the economic vitality, drive the
healthy development of small and medium-sized enterprises. Promoting resource
integration and optimizing the industrial structure by wholelisting is warmly welcomed by
the government and enterprises.
Wholelisting has become the trend, its superiority has also been widely recognized by
theory and practice sessions, But now the related research of wholelisting is still not perfect,
The existing literatures mainly expound the path of wholelisting ,and its positive role in
improving corporate governance and performance. The study on the influence of different
stakeholders, especially the institutional investors on wholelisting is still relatively lacking
and Controversial.
Based on this, we examine the relationship between institutional investors and
short-term market reaction in the sample of wholelisting by private placements over 10
years from 2004 to 2014 by event study. We separate the institutional investors into six
categories and explore their heterogeneity. Firstly, the empirical results indicate that the
short-term market reaction brought by announcement of wholelisting is significantly
positive .In addition, the reaction in the subsample which institutional investors join in is
stronger. Secondly, we find that the participation of trust, insurance and other companies
which have connections with wholelisting companies has no significant effects on market