Study On The Problems Of The Companies Group Holistic Listing In China

During more than 10 years' development, china's capital market has grown to be a critical part of the national economy. Because of some historical reasons, the majority of china's listed companies were born of some high-productive capital from their mother companies. This practice make that the listed company won the precious development opportunities, but also leaves over a lot of problems for the public companies' standard operation. To solve such a historical issue, the securities market must initiate a most basic institutional innovation. This is the basic need of development of China's capital market. Holistic listing as a hotspot of current system innovation, has become more and more popular to enterprises and investors. It has ever become hot topics of market. However, can the holistic listing solve the problems really completely leaving over by history? From implementing holistic listing severe years in China, market appeared many successful cases, but also produced many new problems, such as the assets quality problem, assets appraisal pricing issues and so on. Theoretically, holistic listing is not formation of a fractal theory, and the effective in many problems exists in the larger debate. It is completely necessary for the holistic listing to do further study in theory. From the practical significance, holistic listing dues to reduce spin-off of listed companies related trading between listed company and the parent company, promoting industrial integration function and market resources allocation function, giving full play to the industry advantages of the group company, and promoting listed companies constantly bigger and stronger. Therefore, it is very theoretical and realistic significance to study group company holistic listing in China.In the study, from the relevant theories of the holistic listing, Combined with our overall situation analysis of listed, found out the problems and the causes of the problems, and introduced Angang group successful experience, on this basis to put forward holistic listing feasibility countermeasure and the suggestion for China. In the research, this paper used the method of documentary analysis, comparative analysis and comprehensive induction. In the process of writing retrieval and studied heavily literature, we have accumulated a previous research achievement. Based on the comparison of the holistic listing model and analysis of various patterns, through the comprehensive analysis of the whole market, this paper summarized the holistic listing strategy. This paper has five chapters, mainly from the following several aspects to discuss the enterprise group of listed. Firstly, because the overseas securities markets started earlier, development for a long time, compared to regulate domestic securities markets, as shares not circulation, equity division problems in the western market does not exist. Therefore, the whole enterprise specializing in foreign scholars listed mode theory research. The holistic listing is essentially assets reorganization, this paper studied abroad for merge & acquisition, and learned from the Chinese scholars to the whole market research. The holistic listing in enterprise horizontal and vertical boundary theory boundary theory, based on the analysis of real merger and superposition source power for the economies of scale, and then explore the connotation and significance of the whole market, at the same time, the various modes of the whole market on the characteristics of the comparative analysis. Secondary, from the current market in China, this paper analyzed the internal and external reasons of the group company holistic listing, and then drew our overall listed in the following several aspects of the main existing problems:firstly, the assets quality problems; Secondary, the acquisition of the problems; thirdly, damaging investors' interests problems; fourthly, integration core competitiveness of industrial problems; fifthly, increasing the problem of "One Share Dominates Exclusively"; and then in-depth analysis of the above problems. At the last, learning from the experience of Angang group, in-depth analysis of the experience of the overall success of procedures, discovers its successful reason, experience and lessons. Then this paper gives the suggestion to the whole enterprise group listed in China. On the whole the listed the existing problems and the reasons for example, combined with the reality of Angang group, mainly from the following several aspects of the overall market advice and strategies to give suggestion:firstly, strengthening the management of asset quality evaluation; Secondary, formulating the reasonable acquisition pricing model;thirdly, improving the related transaction management system; Fourthly, increasing the parent of insider trading regulations;fifthly, prominent main business, establishing effective corporate governance modes; Sixthly, improving the relevant laws, regulations and policies.In China, securities market is still in the primary developing stage, it is need to improve the financial innovation. To some extent, the holistic listing is one of the financial innovation means to perfect securities market of China. However, despite the holistic listing in some ways to accelerate the development of China's financial markets, but in its implementation of six years, many problems exposed. In a word, the advantages and disadvantages of the holistic listing is in the controversy in theory and practice, and it still needs time and market to inspect holistic listing.