Central Enterprises As A Whole Listing And Separate Listing Of Comparative Analysis

Most of China's companies go public through the way that the holding corporations peeled off part of prosperous and high-profitable assets .This approach left a lot of troubles to the standardized operations in public companies,and also affected seriously of SOE. Now a days, overall listing,which acts as an institutional innovation, has become the most popular topic in China. Both central and local levels,expressed the wish for overall listed. But as an institutional innovation,it has become an important focus of theory and practice that if the overall listing can optimize corporate governance,reduce related party transactions and exert the effect of scale economy to promote corporate value. Against the backdrop,it has great theoretical significance and practical value to the systemic research of overall listing both in theory and practice,analyze the effect it exerts on the corporate value and provide ideas for the value promotion of China's large corporations.Firstly this paper reviewed related research about overall listing and enterprise value on the basis of corporation's boundary theory,information theory,agent theory,system theory as well as the theory of stakeholders, the article analyzed the effect exerted after overall listing by some important factors including the shareholding structure,Debt Repaymet Capability,corporate governance environment, profitability,brand value and so on and also we selected corresponding index system to study the reform of overall listing,using China COSCO Holding as a case study before Non-tradable Shares Reform and Sinotrans shipping as a case after it;and then the article analyzed the process and the function effect which produced by the above factors to promote the company value after overall listing in reality.We can optimize listed companies'holistic listing to promoto the enterprise value by these measures base on theoretical analysis and case study. The measures include: ,regulations,improving the relevant lawsand supporting policiesmaking efforts to achieve integration of the group's core competitiveness;strengthening technological innovation and enhancing competitiveness of domesticand foreign markets.