Rational choice of the holistic listing model of the enterprise group: An empirical analysis based on Shanghai-Shenzhen a share data

In this paper, the listed companies which declared holistic listing between September 30th of 2003 and December 31st of 2009 have been chosen as research samples. And then, the different stock market reactions of group companies´ holistic listing based on the four holistic listing models proposed by State-owned Assets Supervision and Administration Commission (SASAC) have been analyzed empirically. The empirical result shows that the positive responses led by companies which listed holistically through private placements are stronger than those through other models. With this conclusion, rational choice for holistic listing models can be made more reasonably.