The Analysis Of Comprehensive Effect For Jianghuai Group's Overall Listing

In the early stage of China's security market development,most of the state-owned enterprises stripped the high quality assets and business in enterprise group to achieve listing,due to the small market size,market positioning is not clear,indicators of corporate accounting is not up to the listing standards and other reasons.This method can alleviate the need of enterprise financing effectively,and further promote the development of China's security market.However,with the passage of time and the development of the stock market,the frequent transactions between listed company and enterprise group;poor independent;Industry competition;capital occupation;major shareholders encroach the interests of small shareholders had emerged gradually.That had become the obstacle of restricting the development of enterprises.In order to solve these problems,enterprises have to reform.Some enterprise groups began to inject quality assets into the listed companies in order to achieve group listing.The Third Plenum of the 18 th CPC Central Committee was held in August 2015,which had pointed out clearly that overall listing is the effective ways to realize mixed ownership.Moreover,the conference issued a series of policy guidance to promote the overall listing of enterprise groups.Each province had put into the wave of overall listing.Under this background,this paper choose Jianghuai group as the research object.Which is the first one to implement overall listing to change the state-owned reform.This paper uses the combining theoretical analysis and typical case to explore the effects that overall listing can bring out.The structures of the paper as follows: the first part introduces the background and significance of the research briefly,then summarizes the documents of the overall listing both at home and abroad.The second part elaborates the basic meaning and the meanings of overall listing firstly;then it summarizes three patterns of overall listing are convertible IPO,convertible M&A;takeover parent asset.Then,it indicates enterprise group to achieve the overall market have to meet some requirements such as according with the policies and regulations;having high quality assets in the parent company,stronger relationships between assets listed and unlisted assets.Lastly,this paper introduces the basic theory of overall listing.The third part is the introduction of the whole case form the background,project and motivation.The background clarifies the basic situations of Jianghuai groups and JAC MOTORS.The project introduce the process of overall listing,the price and quantities of convertible stocks,the changes of ownership structure and the conditions of injected assets in this case.The motivations of Jianghuai group's overall listing includes integrating the group's resources,playing a synergistic effect,reducing the connected transactions,improving the governance structure,realizing the sustainable development in the automotive industry and the government's promotion and support for the reform of state-owned manufacturing enterprises.In the fourth part analyses the comprehensive effects of Jianghuai group's overall listing.This paper analyses the effect of financial performance,organization efficiency and shareholder wealth that overall listing resulted.The conclusions of the analyses show that overall listing expanded the size of the enterprise's assets,reduce related transactions,improve the industrial chains,promote the solvency;operating capacity;profitability;growth capacity.Meanwhile,the introduction of strategic investors and management layer direct stock ownership incentive the employees' enthusiasm and improve the organization efficiency.The short-term share price and earnings per share also increased after overall listing and the shareholders will benefit form this.The fifth part summaries the case and gives some constructive suggestions.For instance,the enterprises should pay great attention to the overall listing of the mode,timing,injected assets choice and integrate resources after the overall listing;prominent core competitiveness.Enterprises should comply with the information disclosure system in order to ensure the timeliness and integrity of the information disclosure.The enterprises should introduce strategic investors actively to help to realize overall listing.Finally,the supervision departments should strengthen overall market supervision to prevent big shareholders tunneling.