The Study For Influences On Holistic Listing To Promote The Enterprise Value

Due to historical reasons, most of China's listed companies went public by the way that the mother corporations peeled off part of high-profitable and prosperous assets from their operational assets. This approach left a lot of hidden troubles to the standardized operations of public companies, and also seriously affected the development of the companies. Ever since 2004, overall listing, which acts as an institutional innovation, has become the most popular topic in China's stock market. Especially, after the successful overall listing of TCL group and Wu Gang Co. Ltd, a number of state-owned large companies and groups, both at central and local levels, expressed the wish to be overall listed. However, as an institutional innovation, it has become an important focus of theory and practice whether the overall listing can optimize the corporate governance, reduce the related party transactions and exert the effect of scale economy to promote the corporate value. Against the backdrop, it has great theoretical significance and practical value to the systemic research of overall listing both in theory and practice, analyze the effect it exerts on the corporate value and provide ideas for the value promotion of China's large corporations.This article firstly reviewed related research about overall listing and enterprise value at home and abroad, and on the basis of corporation's boundary theory, information theory, agent theory, system theory as well as the theory of stakeholders, the article analyzed the effect exerted by some important factors including the shareholding structure, Debt Repaymet Capability, corporate governance environment, profitability, brand value and so on after overall listing; and also we selected corresponding index system to study the reform of overall listing ,using Wugang Shares as a case study before Non-tradable Shares Reform and Angang Shares as a case after it; and then the article analyzed the process and the function effect which produced by the above factors to promote the company value after overall listing in reality.We can optimize listed companies'holistic listing to promoto the enterprise value by these measures base on theoretical analysis and case study. The measures include: improving the relevant laws, regulations, and supporting policies; optimizing the corporate governance structure; making efforts to achieve the desp integration of the group's core competitiveness; strengthening technological innovation and enhancing competitiveness of domestic and foreign markets.