中文摘要：

自2003年以来，证监会、国资委一直鼓励、支持国有大型企业整体上市。然而，整体上市企业的实际业绩是否真如大家所预想的那样会获得一个迅速、持续的提升？论文结合我国资本市场的特殊制度背景，运用因子分析法计算企业整体上市当年及前后备三年（共7年）的经营业绩综合得分，分析整体上市后经营业绩的变化情况及其影响因素。研究结果表明，整体上市后企业的经营业绩显著增加，但存在一定滞后性。且滞后期长短随行业变化，其中房地产业滞后期较长，而制造业相对较短，且短期业绩呈“V字形”变动。同时与国有企业相比，非国有企业更注重经营业绩的短期效应。

英文摘要：

SASAC and CSRC have been giving their full support and encouragement to Whole Listing since 2003. However, whether the real operating performance after Whole Listing can get a rapid and continuous improvement as we expected？ Under the special capital market back- ground in China, we use the factor analysis method to calculate the composite scores of company performance in the sample of data in seven years, including the year of Whole Listing, three years before and after Whole Listing, analyze the changes and influence factor of company perform- ance. Our results reveal that after Whole Listing the company performance increase significantly with a lag phase. In addition, the length of lag phase is industry-varying, for example, compared to real estate industry, it is relatively shorter in manufacturing industry whose short-term performance present a ＂ V-shape＂ change. Finally, non state owned companies pay more attention to the short-term effect of performance than state owned companies.