The Overall Listing Of State-owned Enterprises

After China joined WTO, along with time thorough, the cushion of protection of each Chinese enterprise is going to finish, the trade barrier will gradually eliminate, the internationalization enterprise and multinational corporation will swarm into, which will have the significant influence to Chinese enterprise as well as the economy. The state-owned enterprises are the Chinese economy props, which should further become greatly and strongly, make a contribution to the Chinese economy and the capital market. State-owned enterprise listing as a whole as a significant action to the state-owned enterprise reform, is favorable for the state-owned enterprise to speed up the step of shareholding reform and establish modem enterprise system, is favorable for the state-owned enterprises become greatly and strongly, is favorable for consummating capital market and promoting stock market's continually development, is favorable for optimizing enterprise's financing structure and guarding the finance risk. In order to guarantee state-owned enterprise listing as a whole that carries on smoothly, we needs to push ahead the correlated fundamental research. This article was divided into three parts to examine the problem of state-owned enterprise listing as a whole.The first part, by investigating the meaning and concrete connotation of state-owned enterprise listing as a whole, we think that it is an important measure of state-owned enterprise reform. And through the analysis of the policy background and the time background of state-owned enterprise listing as a whole, we think it is certainly well timed.The second part, by investigating the way of listing as a whole, the author proposed its preliminary frame, namely two stages, and four kinds of patterns. Two stages refer to strip the sideline and hold it in trust first, and list as a whole latter. As a result of the traditional plan system, the overwhelming majority state-owned enterprise are "large and all-inclusive", or are " small and all-inclusive", enterprise's profit is bad, this request to strip the sideline and hold it in trust, then they could reach the requirement for listing as a whole. Four kinds of patterns are the group remanufacture & initial public offering (IPO) pattern, the reverse purchase parent company pattern, exchange stocks for consolidation by merger pattern, and exchange stocks for IPO pattern, author emphatically discusses the laws and regulations which each kind of mode needs to follow, and narrates the intension and typical case of each kind of mode briefly.The last part, author treats the some legal question of the state-owned enterprise listing as a whole, emphatically selecting questions of shareholding agency after listing as a whole, employee stock ownership and protection of floating-stock holders' rights and interests to research. The author think that the state-owned asset management company is the best choice of being shareholding agency after state-owned enterprise listing as a whole; Moreover, in order to enable the state-owned enterprise to achieve the verification request of listing as a whole, we should use share rights trust to solve the question of employee stock ownership; In view of the fact that listing as a whole is a large financing behavior which would possibly harm the floating-stock holders' rights and interests, the author mainly analyzes the supervision of the listed companies' financing behavior by Independent Director and the Securities Regulatory Commission's effectual measures which is used to standardize the listed companies' financing behavior.