Research On The Choice Of Overall Listing Patterns For Chinese Enterprises

With the basic end of the split share structure reform, capital market access to the full circulation times in China. With the development of the capital market in China, it will speed up the market, standardization, legal and international. It enters a new stage of development. Market supervision and building of the legal system will be facing more and more difficult and the new market situation. And it needs to adapt to even higher and new market demands and challenges. Split share structure, non-listed as a whole and holding a single ownership are the three major flaws in capital market system of our country. Split share structure problem exposed the difference of the overall interests between the controlling shareholder of the group and listed company, the system problem will be highlighted by non-listed as a whole. The problem of holding a single ownership will be highlighted by the solve problem of the group list.And the resulting of the system risk, monopolies and related trade issues. At present, non-listed problem is the greatest system challenges in full circulation period. It is the second largest system defect in our securities market. It is becoming a hot issue of the current capital market. But in the overall listing there are some problems. From business processes to see, first is viable pattern that is to solve the overall listing of the methodology. Second is the basic theory that is how to assess the overall listing of the pros and cons, guide listing of the actual operation, to achieve the maximum interests of the controlling shareholder. Therefore, how to choose the correct understanding and application of the group list patterns choice of our enterprises, become the present problem we urgently need to solve in the practical work.This article mainly used the basic Western Economic theories as guide, such as the efficiency theory, information theory, market forces theory, principal-agent theory, economies of scale theory, transaction cost theory and assets of the special theory, literature review method, induction method, the reasoning method, the case analysis method, comparative study method, comprehensive and thorough researched the group list patterns of enterprises in our country. Focusing researched the application of the group list patterns in China.Then analyzed the characteristics, affecting factors and the scope of application of the group list patterns in our coutry's enterprises. With the scientific and rational theory to support, it provided effective workable proposal in the overall list patterns to choice in our coutry's enterprises. It provided a theoretical basis for Chinese enterprises listed in the overall patterns of choice. For the securities regulatory departments formulate related policies, changes in regulatory thinking to provide important reference materials.This thesis is divided into six parts to discuss the group listing of our coutry's enterprises how to choose the pattern:Chapter one is the introduction, which includes background and significance, present research situation at home and abroad and literature review and the research content, ideas and methods.In chapter two, has discussed the group list and the group list patterns of the relevant theoretical research, which elaborated the basic conceptual frame and theoretical foundation of the group list and the group list patterns. First analyzed the theory basis of the overall listing .The second analyzed the meaning, the background and the pros and cons of the separate listing. Then analyses the meaning, the significance and the basic conditions of the group list, finally analyzed the meaning of the pattern.In chapter three, has discussed the course of development and international research on the enterprises. First analyses the course of development in our coutry's enterprises, then analyzed the international research of the group list enterprises. In chapter four, has discussed our coutry's enterprises how to choose the group list pattern of analysis. Mainly researched the group list patterns of chinese enterprises through A+H pattern, reverse acquisition of the parent company pattern, convertible absorption merger pattern and convertible pattern IPO, combined with the group list patterns of chinese enterprises actual situation, mainly uses case studies and comparative methods to analysis, mainly researched the characteristics, affecting factors of the group list patterns of chinese enterprises, finally analyzed the scope of application in chinese enterprises.In chapter five, has analyzed the suggestion of our country enterprises to implement overall listing. The first is the suggestion of our country enterprises to implement overall listing, and then is the need problems of the further research in the group list process. Finally is the limitation of the article. Finally is the concluding remark.The innovation of the article: mainly through researched the group list of A+H pattern, reverse acquisition of the parent company pattern, convertible absorption merger pattern and convertible pattern IPO, has analyzed the characteristics, affecting factors and the scope of application in our coutry's enterprises. This is the innovation and one of the writing difficulties of the article. Mainly used the literature review method, induction method, the reasoning method, the case analysis method, comparative study method, comprehensive and thorough researched the group list patterns of our coutry's enterprises. It provided a theoretical basis for our coutry's enterprises listed in the overall patterns of choice. For the securities regulatory departments formulate related policies, changes in regulatory thinking to provide important reference materials.