Study On The Choice Of Overall Listing And The Value Of Corporations

Most listed companies in China are listing by Stripping a profitable and strong assets which have good prospects for the development out of it's group because of historical reasons. This practice left a lot of hidden dangers for the standard operation of the listed companies, and brought many serious problems such as party transaction, industry competition and capital occupation of listed companies.Overall List in integrity kicked the capital market of china from the year of 2004.Many companies which accumulating by spin off overall listing have got the conditions to overall listing in integrity and many state-owned enterprises token this opportunity and achieved some successes. With the competing plan for overall list in integrity of other State-owned enterprises, our stock market appeared the dominance of overall list in integrity. Listed in integrity to enhance the value of the enterprise has become a hot issue of China's capital market and securities market.This article Select the hot issue of list in integrity as research subjects. Firstly, I consider that list in integrity is today's china's capital market's inevitable choice by analysing the advantages, disadvantages and the conditions of overall list in integrity. Secondly, this article summarizes the model of list in integrity and classify it to three: directional add-issuance, IPO convertible, convertible merger. Lastly, this article makes a analysis and study of the impact to enterprise value by the IPO convertible'and give a example to explain.After checking related documents, I Found that after overall list in integrity, Enterprise integrated industry chain and acquired high quality assets. By this they have achieved a diversification strategic, improved the environment of Corporate Governance and enhanced the effect of Supervision and incentive. Basic on these the enterprise' value are raised. But we don't know how much value overall list in integrity can Enhance, whether it Really enhance the value or it is just an illusion. so These key issues is worthy to study. The main contribution of this paper has two aspects:On one hand, this article systematically review and summary the existing models of list in integrity, evaluate these models'Characteristics, advantages disadvantages and applicability. These studies pave the foundation for other overall list in integrity, and give some assistances to the Provide Enterprise Staff. On the other hand, this article introduced EVA-based evaluation system based on the reality of the overall market about the Enterprise Value and evaluated the list in integrity according to the actual situation of china's capital market. It will be meaningful to Guide Practical operation of overall list in integrity in china.