Research On The Impact Of The Whole Listing On Enterprise Value

The meaning of the enterprise value is broad and rich, including many aspects of the sustainable development of enterprises, strategic and risk, in essence, is enterprise rational allocation of resources and the efficiency of resource use manifestations. The enterprise value of the enterprise to meet the enterprise to meet its interests associated with the degree of manifestation, but also reflects the effectiveness of the internal operation mechanism of enterprise performance in enterprise management and enterprise performance, are presented by the corporate earnings performance. Both from the macro policy environment or the micro view of the market environment, the overall market is able to effectively improve resource allocation efficiency of the capital market, to expand the scope of the securities market, prompting the formation of scale, but also be able to improve our securities market allocation of resources role and operating efficiency. Since 2004, listed as a whole has become a new system of China’s securities market, as the innovation system, and immediately became the most talked about topic of the securities market. With the successful operation of the TCL Group and Wuhan Steel shares listed as a whole, the central enterprises and private enterprises quickly get the corresponding many thoughts and aspirations have listed as a whole, at that time, "listed as a whole" concept is rapidly becoming China’s securities market a popular theme speculation. Enterprises listed as a whole is a new concept and idea, if it can, however, be able to optimize its corporate governance structure and operational mechanism, to reduce related party transactions and play the effects of economies of scale, and thus enhance enterprise value is the focus of most attention, has been using the foundation theory and practice of the operation to be verified. Conditions precedent listed as a whole system from theory to practice, analyze their impact on enterprise value, provide a theoretical basis for the enhancement of the corporate value in China’s major enterprises and lessons learned, with a significant theoretical and practical value.Instance will be listed by the TCL Group research, systems analysis from theory to practice, listed as a whole, and to provide ideas for the assets of listed companies in China to operate the integrated. The first company listed enterprise value review, analysis of the current domestic and foreign listed different path and mode, and focuses on the implementation of the mode of operation of the overall listing by way of private placement. TCL Group’s listed as a case study, the analysis of the business model of the TCL Group, as well as the implementation of the listing background; and analysis from the perspective of the company’s financial data, the capacity for sustainable development, market position, corporate governance of listed companies in the implementation of the listing after the enhancement of the corporate value. Based on theoretical analysis and case study, this paper put forward recommendations for listed companies to enhance corporate value and improve the integration of the companies operate, hoping to provide reference for the operation and integration of domestic listed companies.