Research On Chinese Enterprises' Behavior Of Listed As A Whole

Company listed as a whole relative to spin-off listed company, through acquisitions and reverse acquisitions between group and subsidiary company, and ultimately group assets achieve to the capital market, it is a system innovation of Chinese capital market reform and enterprise reform.Due to historical reasons, in Chinese capital market, most listed companies operated by parent company is part of the Group assets, which lead to a large number of related transactions between listed companies and the parent company, this split mode seriously hampered the pace of modernization of enterprises. With the development of capital markets, spin-off listing is obviously more and more harm. At present, the share reform has been basically completed, more and more companies are implementing group listed as a whole. Listed as a whole can be seen as the adjustment of its borders of enterprises, it can help to reduce transaction costs throughout the enterprise group and advance the efficiency of asset allocation. Compared to split-off listing, it is conducive to eliminate related transactions between parent and subsidiary companies, to make high-quality enterprises bigger and stronger, to expand the market space of financial innovation, it is a good idea as the enterprises into stock companies.Firstly, based on the existing economic theory, indicating that listing as a whole meet the essential business principles and corporate boundaries theory, it is a boundary adjustment of the enterprise. Secondly, through comparison and induction, indicating the external motivation, intrinsic motivation and creative motivation of listed as a whole, and summarized four basic modes:(1) Stock Replacement and absorption combined mode (2) public offering and absorption combined mode (3) financing and asset acquisition mode (4) Group restructuring and IPO model. On this basis, through a comparative analysis, pointed out the similarities and differences between the four modes and their applicability. Thirdly, analyzing the positive role to Chinese capital market and enterprise, and pointing out the existing problems. Finally, concluding that the positive significance of list as whole is greater than the negative sense, therefore eligible enterprise groups should actively promote the overall list. Moreover, from the current trend, the overall list will still be attached importance to relevant departments and enterprises, it is will remain an important hot topic of Chinese capital market.