On The Overall Listing Of Large Companies In China

Due to some historical reasons, 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 leaves over a lot of problems for the public companies' standard operation and a lot of unneglectable serious problems for China's stock market. Thus, it is important for the securities market to initiate a most basic institutional innovation to solve such a historical issue. That's the institutional requirement for China's stock market to make progress from double-trade system to a higher level.Ever since 2004, holistic listing which acts as an institutional innovation has been the most popular topic in China's stock market. Especially, after the holistic listing of TCL group and Wu Gang Co. Ltd, 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 significative research to make a systemic study on holistic listing from theory to practice, analyse the influences on China' stock market and companies which holistic listing brings, give some advice for holistic listing of Chinese large company.The principal part of holistic listing must be a corporation. Thus, firstly, based on the theory of economics, the paper points out that holistic listing meets the theories of the nature and limits of the firm and adjusts to the limits of the firm. Based on this, the paper analyses the motivations of holistic listing and summarizes the four basic models of holistic listing according to the existing cases of holistic listing by comparative and inductive methods. Moreover, it explains the different and the same aspects of the four basic models. Secondly, 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. Finally, I make a conclusion that the advantages of holistic listing outweigh its problems, and suitable groups should be listed. This issue creatively present suggestions for holistic listing of China's large companies. Moreover, in the future, holistic listing will be rolled out in the market and relevant departments and enterprises will continue to attach a great importance to it...