The Study Of Listing Of Entire Assets Of Principal Operations In DEC

Over the years, china's share holding structure of listed companies have the characters of high stated-owned equity ratio, the controlling shareholders are mainly state-owned non-listed campanies(that is "split listing") and so on .With the changing of global economic environment and the maturing of Chinese capital market, the"split listing" emerges more obvious defects. Therefore ,the State-owned Assets Supervision and Administration Commission of the State Council(SAC) support companies with fine assets realize overall listing and encourage listing holding company pour major business and assets into listing company through increasing capital, enlarging share and purchasing stake.Because of the policy to encourage listed companies in china and the needs of their own development in recent years, China has listed more resources group through the acquisition of the company and implement of reorganization, hoping to draw a support from the overall listing of the group of industrial advantages and management advantages ,enhancing the listed companies scale and competitiveness.From many overall listing cases, Dongfang Electric Corporation(DEC) overall listing plan is chosen to be study object.DEC is a leading enterprise supplying power plant equipments in China, its overall listing is based on the opportunity of DEC's share reform,completed listing of entire asseets of principal operations through share exchange offer, the first of its kind in the country. In view of the programme's innovative and complexity, the choice of the research is not only a historic event of China's capital market, but also providing reference for the main industry group for the domestic listing of assets as a whole , with great practical significance. This article is researched from the five aspects overll listing of DEC:The first part is main to introduce the background, the significance,and the theoretical basis of this paper, which focus on the importance and necessity of researching on DEC's main assets overall listing.The second part is main to introduce DEC and its basic situation of the enterprise's integration , in this part which focus on the product structure and correlation and analyzes the inevitability and necessity of DEC's overall listing , in line with the state macro-environment, industry environment and corporate individual development ,etc.The third and the fourth part are the keypoints of this thesis, which mainly focus on the design, ascertainment and implementation of DEC's overall listing. Through analysis of advantages and disadvantages of different schemes,the concrete content of final implementing scheme and the coming difficulties in the process, this paper aims to explain the innovation and complexity of DEC's overall listing, as well as the significance and reference function in the asset market.The fifth part is main to analyze its benefits after DEC is overall-listed.,mainly from these five aspects to delivery this thesis, such as the market competitiveness ,efficiency of the allocation of resources ,withstanding the operational risk, thickening the performances and small and medium-sized shareholders value-added.