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2015年8月份颁布的《关于深化国有企业改革的指导意见》(简称“22号文”)亮点颇多,但也有一大缺憾,就是其中关于实现集团公司整体上市的规定。整体上市,即整体变成一个法人,将所有资产注入一家上市公司,是指以四大银行为代表的“航母”式上市模式。这种模式会带来以下4个突出问题:不利于国企开展资本运作。整体上市将所有企业资产注入上市公司,采用该模式的国企既不能通过优质资产先行上市获得高融资额,也不能培育未
The “Guiding Opinions on Deepening the Reform of State-owned Enterprises” promulgated in August 2015 (referred to as “No. 22”) has many bright spots, but there is one big shortcoming, which is one of the regulations on the overall listing of the group companies. The overall market, that is, the whole into a legal person, all assets into a listed company, refers to the four major banks represented by “carrier ” listing model. This model will bring the following four outstanding issues: not conducive to the capital operation of state-owned enterprises. The overall listing of all corporate assets into the listed company, using this model of state-owned enterprises can not be listed through high-quality assets to obtain high financing levels, it can not cultivate