China Enterprises Listed As A Whole Mode And Performance Research

The capital market of China has grown to be an important part of the national economy during more than 10 years' development. But due to some historical reasons, the majority of Chinese listed companies were born of some high-productive capital from their mother companies, that is called "spin-off listing".As the economy reform is going sophisticated, the Spin-off mode turns out to be inefficient. The spin-off listing holding companies have two distinct management objects: First, they want their listing subordinate to earn better, maximize the shareholders' equity value; while in the same time, they are intended to shift burdens to the listing companies to make themselves better. Furthermore, it is unavoidable for the mother companies and the listing companies to have sorts of associated transactions, such as the listing companies hypothecate for the holding companies and the holding companies use the listing companies' fund unlegally, that causes severe damage to the listing companies and their tradable share holders.Compare with Spin-off listing, the overall listing is effective in avoiding associated business, making enterprises stronger and exploiting financial innovation opportunities. State-owned Assets Supervision and Administration Commission stresses in "Guideline concerning introducing assets adjustment and state-owned enterprises rearrangement" that it will profoundly support the realization of Overall Listing for the companies whose assets or core business assets are fine. The listed state-owned holding companies are encouraged to afflux their core business assets to the listing companies by extending shares and purchasing assets. On the whole, the overall listing helps corporate groups use the advantages of industry premium and administration superiority, lower the transaction costs of market and enterprises optimize resource distribution of market and combination function of industries, and Improve the function efficiency and quality of market. As an innovation of stock market, the overall listing will make a positive effect for the overall market. Therefore, this research will focus on the following four aspects to discuss the problems what are relative to the overall listing.First part: Some basic issues are discussed what are relative to the overall listing. Comparing with the concept and disadvantage of the Spin-off listing ,the concept and advantage of the overall listing are given .Then, we can know the motive of overall listing through the study of the motives of merger and reorganization. Finally, the basic conditions that enterprises want to overall list are shown.Second part: The second part focuses on using related examples to expound five kinds of models of the overall listing: TCL model, WuGang Group model, ZhongRuan Group model, BaiLian Group model.Third part: The third part verified the advantage and positive impact of the overall listing through empirical analysis .Then, some problems of overall listing are found through the study of special case and appropriate measures to solve the problems are proposedFourth Part: The fourth part expound the opportunities and risks on stork market in the overall listing environment.