| Since China's reform and opening up, after 10 years of preparation and planning, the Shanghai stock exchange and Sheena stock exchange opened on December 19, 1990, and July 3,1991 successively. Two major stock exchange officially opened marked the securities market of our country gradually formed. Large state-owned enterprises financing to get rid of poverty and become better off, but the space of our country capital market is narrow, and almost all companies are short of the stock market to the higher requirement of asset quality. So they chose to spin off listing, is part of the stronger profit ability?development prospect of assets listed separately. But with the development of capital markets, spin off listing deeply fix for a long time. The controlling shareholder of listed companies and assets binary structure which is formed by the spin off listing, makes the indemnification of the controlling shareholder become normal, which cause serious damage to the small and medium shareholders. Overall listing as a whole the greatness of the Chinese securities market is the medicine of the solve disadvantages to spin off listing, is the product of keep up with the trend of The Times development.The overall listing will group all the assets into listed platform, realize the asset secularization, scholars and experts generally believe that the group's overall listing, to improve corporate governance issues; Implement private capital premium effect; realize management, operational and financial synergies, eliminate competition; Is conducive to the establishment of the internal capital market, etc. since "Twelfth five-year",a new round of reform tide surges in state-owned enterprises. Especially on September 13,2015, the top design of deepen the reform of state-owned enterprises is Introduced, the overall listed as one of the important strategic steps of a new round of state-owned enterprises reform, and its responsibility to the realization of state-owned enterprises reform. In addition, as a state-owned asset leading industry, the state-owned enterprises reform demonstration industry, the overall listing in full swing in the whole auto industry. And the car industry too dependent on policy?market and foreign technology, makes the development of Chinese auto industry into a bottleneck, present a big but not strong.Based on the overall listed of SAIC.firstly, this paper introduces the research background and significance, related academic research status at home and abroad, research contents, research methods and main innovation points. Secondly, this paper analyze SAIC whole appears on the market background and motivation. Thirdly, this paper analyze the SAIC's overall listing specific operation from the timing, condition of preparation and project. Fourthly, this paper demonstrate the result from the wealth of shareholders, the corporate governance and synergy effect, observe its objective. Finally, this paper summarizes the operation experience and lesson of whole appears on the market as well as to the new round of reform of state-owned enterprises and auto industry In a bottleneck. The demonstration results show that the overall whole appears on the market not do more harm than good, we need these experience in the promotion of dialectical nature. And SAIC, whole appears on the market for auto industry development direction and determination of enlightenment is more worthy of the auto industry. |
PDF Full Text Request