A Study On The Impact Of Overall Listing On Corporate Value

As a result of the historical reason, in our country capital market early time, the group company all uses from its managerial property strips the profit making high, the prospects for development good property carries on going on the market together. This procedure has left behind many hidden dangers for to be listed's standard operation, simultaneously can restrict the capital market the development. Since 2004, overall listing took the stock market an important system innovation, was considered is the holding shareholder (group company) carries on the stockholder's rights structure with to be listed between (holding relations) the conformity and the service conformity important way, is solves the holding shareholder with to be listed benefit inconsistent question, consummates to be listed to govern the structure an important system construction, also is the group enterprise fully using the capital market resources, introduces the market mechanism, the promotion management quality important way.These years already had the most Yang business to realize host camp service overall listing through overall listing, overall listing have brought the high quality resources for the original to be listed, company's management achievement have poured into after in the property several years all to have the big improvement. In the overall listing process, enterprise's management and operation has introduced the market mechanism, further improved the company to govern, strengthened the host camp service competitive power, displayed the market to the resources disposition function. However also has the group company to reform does not arrive, property part going on the market, the property payment to the price unreasonable and so on the harm enterprise values and the young shareholder benefit situation. How objectively reasonably the understanding and appraisal overall listing the influence which produces to the enterprise value, thus for better advances overall listing to provide the model and the suggestion effective, then becomes this article the research aim. This article used the method which the standard analysis and the case analysis unified, the encompassment "overall listing promotes the enterprise value the influence" this core question to launch the thorough research.This article research mentality is:First to domestic and foreign has carried on the summary about company overall listing and the enterprise value correlation research, theoretically to the overall listing connotation, the pattern, the agent carries on the elaboration, then relatively concrete, analyzed overall listing in detail to the stockholder's rights structure, the company has governed aspect and so on environment, profit ability, enterprise brand value influences, and has established one as the core achievement appraisal system separately conducts the case research take EVA to Gezhou Dam Limited liability company and Beijing Capital Development Limited liability company, analyzed overall listing from the realistic stratification plane to the company value influence function process and the effect, finally through the research conclusion proposed continued to improve overall listing the policy suggestion.This article main contribution:(1) this article uses the economical increase in value (EVA) law to appraise overall listing to the enterprise value influence, and unifies other important correlation non-finance factor to go to comprehensive appraisal overall listing to the company value creation effect.(2) through to two to be listed's case analysis, around inquisition overall listing company value creation ability change, as well as capital market response situation, revelation overall listing effect.This article discovered overall listing to promotes the company value truly to have the positive influence, and governs, the service structure, the management achievement, the market effect various aspects in the company brings the positive effect, is advantageous in enterprise's continually development. (3) question and insufficiency which exists through the research overall listing process in, how obtained improved optimized overall listing several conclusions:Namely in the management and operation, the group enterprise must carry on the organizational reform, introduces the market mechanism comprehensively, further consummates the company to govern the structure; In the property conformity, before going on the market must strip the auxiliary industry property, pours into the high quality main camp property through overall listing, the perfect upstream and downstream industry chain, enhances the host camp service the competitive advantage, enhances the market share, the realization scale benefit; In the holding shareholder aspect, its must speed up own role reforming, transforms the parent company the investment service company, continues for the going on the market enterprise to pour into the high quality project; In the capital use, the enterprise must use the good capital market resources disposition the function, the development throws the financing channel, the display capital combination effect, the realization group interior and exterior resources optimization, the realization long-term development.This article exists insufficiency:This article research has mainly applied the case research, only chose 2 models to be listed samples, the conclusion coverage to be small, regarding overall listing if used the real diagnosis research then had the persuasive power.