The Model About Restructuring And Listing Of State Grid Corporation Of China

Based on the analysis of the State Grid Corporation of China (SGCC) concerning its asset structure and financial status, the thesis makes an analysis of the demand for the Corporation to be listed. It states that three external factors including the issuance of Guidance for Promoting Adjustment and Restructuring of the State-owned Capital, further maturation of the capital market, and the increasing demand for the state grid production serve as objective reasons for SGCC to be listed, while listing helps to improve its financing and perfecting its management structure.On the other hand, the interior factor within the Corporation, e.g. the need of optimizing grid resources allocation, the hindered development for insufficient funds and the need for the central public enterprises to further improve their management structures aspire the method of listing. On the basis of the above, the thesis insists that there exists a need for SGCC to be listed. This also constitutes the theoretical and realistic foundation of the thesis.Then, the thesis reviews and makes an environment-layered analysis of different listing modes of large state-owned enterprises: mergering listing, binding listing, decomposition listing, decomposition-tied listing, back-door listing and replacement-of-assets-and-stake listing.The thesis also gives a detailed analysis of Reorganizing-listing process and experience of China National Petroleum Corporation and Electricite De France, with a view to provide practical guidance to the listing of SGCC. The analysis holds the motive and reason of the two large enterprises' listing are similar to that of SGCC. It is possible to say that Reorganizing-listing Mode is an important way to solve the problem of relative capital shortage and inefficient operation of the Corporation caused by fast development of the market.Finally, on the basis of addressing the problems and requirement in the listing process of SGCC, the thesis starts with policy analysis and put up a three-step framework for listing: "property rights system—reform path—management structure." This framework demands the core assets listed, which should be noted as a short-term way. Follow-up should include non-listed assets restructuring and quality upgrading to make sure the ultimate "gradual list" of all assets. The thesis also designs a "two-step" listing path, so that the thesis conclusions can be of some help to the decision-making level.