Consequences Of China's Enterprises As A Whole Listing Of Motive, Pattern, Empirical Research

Overall listing is a special hot issue in China's stock market. TCL go to stock market as a whole in 2004, which open the way to overall listing in China's stock market. Companies' overall listing, such as Bao Steel and Wuhan Steel, has demonstration effect and begun to attract attention. Since 2007, overall listing is the formation of an unprecedented boom, if reform of non-tradable shares is the most import thing in 2006, then in 2007, is overall listing. It is considered to be another milestone in China's securities market after the reform of non-tradable shares. This paper tries to analysis motivation, model and performance of the overall listing in China's stock market as at March 2008.This paper tries to answer the following questions. What is the appearance of the listing company with the overall listing in stock market? What is background of the overall listing booming in market? What are the different overall listing motives? Different from the motive for overall listing, which kind model will be taken by the company? Different from the model of overall listing, which kind of performance will be of the company? Overall listing will bring any new problems?This paper studies the listed companies owned by the Group and achieve the overall listing as at March 2008.This paper divides the overall listing company as the management motive and State motive based on the different motivation. The paper then do the further analysis based on the difference of the overall listing company before and after the reform of non-tradable shares. By the end, the paper also makes a short description and evaluation of others types of overall listing. The paper find that the management motive overall listing try to reflect more management's equity interest in the listed company, so the non-management holding company was written off after the overall listing. State motive overall listing more focused on expanding the size of listed company rapidly. Before the reform of non-tradable share, the company tends to financing from the market to complete the overall listing, while after the reform; the major shareholder is main force of the overall listing.Based on the above analysis, this paper listed new problems of overall listing, the overall listing bring a large number of additional shares show the loopholes of the legal system, the corporate governance structure still to be strengthen after the overall listing, the performance of the overall listing should be evaluated differently.