Analysis Of Corporate Governance Effects Of State-owned Enterprises' Overall Listing

At the beginning of the development of China's capital market,due to the existence of capacity constraints,most of the state-owned enterprises in order to achieve financing needs,select some high-quality assets from the parent company which stripped out to achieve the part of the assets listed on the spin-off.At the time of the specific economic environment,the spin-off listing to a certain extent,to meet the financing needs of state-owned enterprises,but also led to competition with the industry,related party transactions and transfer of interests of controlling shareholders and a series of corporate governance malpractice.To address these issues,markets and policies encourage companies to market as a whole.However,to be enterprises to join the tide of the overall market,the overall market because of its own imperfectity makes the whole company listed on the company can easily become a major shareholder of another misappropriating movement.Is the overall listing of the company effectively improving the corporate governance level? Whether it effectively solve the spin-off listing for the enterprise to bring this series of problems? Is the overall listing of the business for other problems? This article will try to find out the answers to the above questions by analyzing the case of Guangzhou Pharmaceutical Group as a whole.This paper will analyze the corporate governance effect of the overall listing from multiple perspectives,which should be verified from the four aspects of the ownership structure,internal governance structure,related party transactions and corporate performance before and after the listing of Guangzhou Pharmaceutical Group.In this paper,the impact of the overall listing of different models on the ownership structure of different degrees,cash payment has no effect on the ownership structure,private placement can increase the concentration of equity,public issuance can reduce the concentration of ownership;and the overall market by influencing the number of independent directors and Background,the composition of the board of directors and other factors on the company's internal governance structure impact;the overall listing can be divided into the main business of the overall listing of listed companies and legal entities listed on the two models can achieve a different degree of related transactions to reduce the overall listing of corporate performance Factors are more complex,the proportion of the largest shareholder,the nature of equity and other factors can have an impact on their business performance.This paper analyzes the changes of equity structure index,internal governance structure index,related transaction index and corporate performance index of listed companies before and after the listing of Guangzhou Pharmaceutical Group as a whole,and draws the following conclusions: The overall listing fails to improve the overall performance of corporate governance Negative effect;can effectively reduce the related party transactions,but can not be fundamentally eliminated;can improve short-term performance,but can not improve long-term performance.