Abstract: As the negative impacts of spin-off listing and separate offshore listing on the national capital market become more and more apparent,a holistic listing of central enterprises in both A and H share markets is a realistic choice giving consideration to the interests of both enterprises and the state.Using the empirical analysis approach,this paper studies the three paths of holistic listing: first H share then A share,A and H share at the same time,and first A and then H,as well as the influences of holistic listing on the Chinese capital market.It comes to a conclusion that all the above three paths of the holistic listing may more or less impose positive influences on the development of the Chinese capital market.At the same time,the holistic cross-listing in both A and H share markets may in many aspects have positive influences on the Chinese capital markets including Hong Kong.

Key words: holistic listing, central enterprises, A+H, capital markets

摘要： 在分拆上市和单独境外上市对中国资本市场的不利影响日益凸显的情况下,中央企业A股+H股整体上市是兼顾企业利益和国家利益的现实选择。本文利用实证的研究方法,分析了中央企业先H股后A股、A股+H股同步和先A股后H股三种整体上市路径以及中央企业A股+H股整体上市对中国资本市场的影响,得出的结论是,三种中央企业A股+H股整体上市路径都能对我国资本市场的发展产生或多或少的积极影响;同时,中央企业A股+H股整体上市对包括中国香港在内的中国资本市场将产生多方面的积极影响。

关键词: 中央企业, A股+H股, 整体上市, 资本市场