中文摘要：

对我国2006年5月到2008年6月发布定向增发预案的公告效应进行事件研究发现，整体上市和一般定向增发一样都具有正的公告效应，而整体上市的公告效应更强。而对同期实施定向增发前后三年的绩效研究发现，整体上市和一般定向增发并没有改善公司的长期绩效，且整体上市表现更差，即，和一般定向增发相比，整体上市尽管备受追捧，但它并不能改善公司绩效。基于此，为规范和改善整体上市及其效用，必须提高对大股东原有存量资产价值评估的公允性和透明度，并进一步规范大股东的行为，尤其是要加强对大股东资产置换行为的监督和约束。

英文摘要：

The announcement effects of the directional ad＆issuance and its overall listing are positive, and the announcement effect of overall listing is stronger between May 2006 when the Regulation of Securities Issuance by Listed Company was implemented and June 2008 in China capital market. But the directional add-issuance and its overall listing carried out during this period don＇t improve the company＇s long-term performance after one-half year of implementation while the performance of overall listing is worse. Therefore, this paper suggests that the regulator should improve the assets＇ evaluation fair and further regulate the behavior of large shareholders, especially large shareholder＇s asset-replacing conduct so as to standardize and improve the overall listing.