| Since the inception of the stock market,more than 2,400 enterprises in China,most of which are state-owned ones,have publicly issued shares and listed.Their listing way basically belongs to spin-off listing that well promoted the development of Chinese capital market and eased the financing of listed companies in their early developmental stages.With the development of the securities market,however,all the disadvantages of the spin-off listing have appeared more and more obviously,such as companies operated in small scales,the weak competitiveness and risk-resisting ability,a lack of perfect internal directive structure,a large number of transactions owing to the group company industrial chain disruptions between listed companies and enterprise groups,the horizontal competition and so on.All of these have made the operation and development of listed companies severely limited.In order to reduce its shortcoming,as a major institutional change of China's securities market,the holistic listing has innovated the listing mode so much that it becomes the important method to solve all the problems of partitioned listing.The overall listing will result in the great significance to enterprises.It is necessary to understand that the holistic listing is really able to create a positive business performance for listed companies,can have the listed company's overall asset quality improved significantly,and make it possible to increase shareholder wealth surely.Therefore,this essay will choose Guangzhou Automobile's overall listing as a case to prove the fact that the overall enterprise value has been promoted and that the market competition ability has been increased during the listing process and after it,by analyzing the quality of corporate's assets,results of operations and changes in the shareholder wealth.We hope this summary analysis can provide a theoretical basis on what measures the government should take in order to correctly guide enterprises to achieve the overall listing,what mode listed companies should choose so as to form the overall listing,and in which ways the securities regulatory authorities should strengthen the supervision and approval for the whole of listed companies market.This paper adopts the combination of theoretical analysis and case analysis in order to carry out the research.After the retrospective analysis of domestic and foreign research literature,it explains the overall listing's definition,characteristics,patterns,basic theory,and leading motivation.When studying the case of Guangzhou Automobile's overall listing process,motivation and economic consequences,the essay connects the case studies with the quantitative analysis.In the end,the essay summarizes the overall listing's cases so that some constructive suggestions are put forward on some national related policy after methods of induction and synthesis have been employed.By studying Guangzhou Automobile's overall listing,we can draw the following conclusions:(1)Guangzhou Automobile,during the process of the overall listing,has integrated the Group's internal resources so as to form the holistic listing of the coal main industry in the Group;(2)Guangzhou Automobile,after the overall listing,has reduced the size in the related party transactions with group companies;(3)Guangzhou Automobile,after the holistic listing,has drastically avoided the same industry competition within the group of companies;(4)After the overall listing,the listed company's overall performance has been improved sufficiently,which has achieved the original aim of the overall listing,creating a favorable internal and external conditions for the future prospects of listed companies.According to the analysis,we have put forward the following four proposals:(1)Authorities should encourage listed companies to complete the Group's overall listing;(2)Listed companies shall choose reasonable approaches to carry on the holistic listing;(3)China Securities Regulatory Commission(CSRC)should strengthen the supervision of listed companies in the field of the overall listing;(4)The listed company ought to earnestly implement the information disclosure obligation of overall listing.This thesis is divided into five chapters in its total body.Chapter One,an introduction,describes its background and significance and builds the framework for this paper after the research literature at home and abroad has been reviewed.The second chapter is the summary of the theory of holistic listing.First of all,it has offered detailed explanations about the concept and characteristics of the overall listing and briefly described five kinds of modes.Secondly,it has thoroughly reviewed the theoretical basis of the overall listing,including enterprise boundary theory,synergy theory,transaction costs,and market power theory.Finally,the motive of the overall listing for most businesses has been analyzed.The third chapter introduces Guangzhou Automobile's cases about the overall listing.Firstly,it tells about Guangzhou Automobile and its related basic situations.And then,it gives a step-by-step explanation of Guangzhou Automobile's process of the overall listing.Eventually,the characteristics of Guangzhou Automobile's holistic listing have been analyzed from the four aspects.Chapter Four explains the motives and consequences of Guangzhou Automobile's overall listing.On the one hand,the motivation of the overall listing on Guangzhou Automobile has been analyzed.On the other hand,it dissects that the overall listing of Guangzhou Automobile has an effect on the quality of the company's assets,business performance and shareholder wealth.1)By means of solvency,operations,profitability,growth capacity,this chapter compares and explains the changes in operating performance before and after listing;2)From the whole and individual asset quality to transverse and longitudinal comparisons on both sides,it induces that the overall listing has an effect on capital assets structures;3)According to the cumulative excess return and share price movements,it analyzes the impacts on the shareholder wealth of the listing Corporation before and after the overall listing.Chapter Five,the final one,is about this study's conclusions and policy implications: the overall listing has an positive economic effect on the asset quality,results of operations and shareholder wealth of the listed company Anyuan coal,conforming to the original intention of the program design,and finally proposing reasonable policy revelations. |
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