Circulation Enterprises Expected The Overall Listing

Due to some historical reason, the majority of China's publicly listed companies were born of some high-productive capital from their mother companies and from spin-off listing. Such a method left a lot of problems for the public companies standard operation and a lot of unneglectable serious problems for China's stock market.Along with the advancement of Chinese capital market reform, since 2004, holistic listing which acts as an institutional innovation has been the most popular topic in China's stock market. However, before shareholder structure reform, whole going on the market has not received the good effect. Holistic listing did not achieve very good results. After shareholder structure reform, overall listing become a important reform which national ministries and commissions try to promote harder. Because the profound influences of non-tradable shares reform on market behavior, holistic listing presents some new characteristics. Many groups and big companies expressed the wish to be holistically listed. Then the concept of "holistic listing" fulfilled the whole stock market of China.Against this background, it is a more important research to make a systemic study on holistic listing from theory to practice, analyze the new characteristics of holistic listing, give some advice for holistic listing of Chinese company.Firstly, the paper points out that holistic listing meets the boundary theory. Secondly the paper comparing to spin-off listing which has several disadvantages, holistic listing plays a more active role to China' stock market and enterprises as well as its some questions. Simultaneity, the paper point out that, under the non-tradable shares situation, holistic listing had many obstacles. Based on this, the paper analyze the Profound change of holistic listing that shareholder structure reform brought. By empirical analysis, further research is made on the effect of holistic listing and successfully experience. More over, it explains the different and the same aspects of the four basic models. Finally, the author make a conclusion that, based on full circulation expectation of stock market, holistic listing has the positive significance to the corporate development and suitable groups should be listed as a whole.