Analysis On The Motivations And Performances Of The Overall Listing By Private Placements In Beibu Gulf Port

In the early stage of China's capital market,the issuance of new shares issued by the approval system.The limitation of quota makes a large number of group companies obtain the opportunity of financing on the market,and spin off the group's internal development capacity,strong profitability operating assets for listing.Spin off listing is suitable for the initial stage of China's capital market development,however,with the continuous development of the capital market,the risks of spin-off listing began to highlight.There are many problems in companies after Spin-off listing,such as small scale,imperfect corporate governance mechanism,internal related transactions,leading to the expropriation of large shareholders and so on.Since 2003,the CSRC and SASAC have begun to seek ways to promote the overall listing of enterprises.With the completion of the shareholder structure reform and the CSRC has promulgated a number of related policies,private placement as a methods of listed companies refinancing began to shine in China's capital markets,and also become the most important mode of company's overall listing.After the shareholder structure reform China has promulgated many policies and regulations to encourage the overall listing of enterprises.Overall listing has become an institutional innovation to solve the problem of spin off listing in China's capital market.It meets the internal demand of the continuous development of China's capital market and is welcomed by enterprises and capital markets.Since the emergence of the overall listing institution,there have been many successful cases in China's capital market.These companies injected high-quality assets into listed companies,integrated the operating resources,and have been achieved the positive performance changes after the completion of overall listing.These successful cases provide experience for other companies to implement the overall listing in China's capital market.Through the overall listing,companies can expand the boundaries of enterprises and achieve economies of scale,can also regulate internal related transactions and reduce competition among the peers.The implementation of the overall listing has a great significance to the healthy development of China's capital market.Beibu Gulf Port Completed the overall listing in 2013,Achieved the purpose of three ports operating resources in Beibu Gulf Port region into the listed company.After the overall listing,the company's asset size and quality,operating profitability has undergone enormous changes,enhanced shareholder financial and corporate value,and achieved positive financial performance changes.This paper selects the overall listing of Beibu Gulf Port as the case,combined theory to analyzed the case,reached conclusions about the performance changes of the overall listing of Beibu Gulf Port and get inspirations that can provide reference for other companies overall listing.This paper first introduces the background and significance of the research,and through reading a large number of literature on the current research review,to understand the views of scholars,and introduce the paper's research ideas and methods.Then,the definition of private placement and overall listing is expounded,and the modes and applicable conditions and characteristics of the overall listing are introduced.The paper analyzes and summarizes the motivation of companies overall listing in China,including strengthening the control of major shareholders,reducing competition among peers,optimizing the industrial chain and reducing related party transactions.The scale benefit theory,the enterprise boundary theory,the synergy effect theory and the control power theory provide the theory foundation for this article research.The case study is conducted to introduce the participants,the overall listing background and the process as the starting point for the introduction of the orientation process in the Beibu Gulf Port,further analyzed the motivations for the overall listing of Beibu Gulf Port,and analyzed the reason of selected the private placement model for the overall listing.The motivations for the overall listing of Beibu Gulf Port include the implementation of the national development strategy,the improvement of the quality and profitability of listed companies and the integration of port resources to avoid competition and related transactions.The reasons for the overall listing by private placement model are analyzed from the advantages of enhancing the controlling rights of large shareholders and the mode of private placement.This paper analyzed the performance of Beibu Gulf Port overall listing from the three aspects such as shareholder wealth,financial indicators and synergistic effect.It is concluded that the overall listing brought the short-term and long-term shareholder wealth growth to the Beibu Gulf Port,made the company's financial performance change positively,and resulted the synergistic effects in operation,management and finance.According to the process of the overall listing process of Beibu Gulf Port,the reasons for these performances are analyzed,such as the reasonable overall listing scheme,the appropriate timing,the injection of high quality assets and the integration of later resources.Based on the analysis of the whole listing of Beibu Gulf Port,the following conclusions are drawn: the private placement model improves the efficiency of the overall listing,the overall listing enhanced the company's competitiveness,the overall listing enhanced shareholder wealth and performance of the company,the injection of high-quality assets has brought synergies effects.Finally,the inspirations are summed up,companies should choose the right time in the process of promoting the overall listing,the overall listing model suitable for the company should be selected,the assets injected should be quality operating resources,after the completion of the overall listing,and companies should focus on the integration of resources.