Case Study Of Guo Lian Environmental Protection’s Overall Listing

Overall listing is a popular listing method in China.On the one hand,The shortcomings brought about by the spin-off listing have become more obvious,and the overall listing can solve the related problems of the industry competition and related party transactions brought by the spin-off listing;on the other hand,in the past ten years,the state has introduced a series of relevant policies in order to guide the overall listing of enterprises.With the support of these policies,it is relatively easy for enterprises to get rid of difficulties or make transformation through overall listing.Therefore,overall listing is increasingly welcomed by the capital market.Since the overall listing is still a new product in the capital market,research on overall listing is limited.According to the current research,most of the research results show that the overall listing can cause positive reaction in the market and improve the short-term business performance of the company.However,whether the overall listing is helpful for the long-term operation of the company,different scholars gives different opinions,both positive and negative.At present,the research on the overall listing is not perfect,especially the research on cases is relatively small,and there is still room for further exploration.This article comprehensively uses the theoretical and case analysis to explores the case of Guo Lian Environmental Protection’s overall listing,and finally draws conclusions and gets some inspiration.In the theoretical analysis part,by referring to the existing literature,combined with the scale effect theory,the enterprise boundary theory and the synergy effect theory,the concept,mode,motivation and effect of the overall listing are analyzed.The case analysis section,First,the basic situation of the overall listed company,the implementation plan,process and motivation of the overall listing are introduced.On this basis,the characteristics of the overall listing of the case company and the market performance and financial effects after the overall listing are analyzed.In terms of market performance,the short-term and long-term market performance is analyzed by calculating the changes in the cumulative excess return of the case company before and after its listing and the change in stock price.In terms of financial effects,we analyze the changes of various financial indicators before and after the case company’s overall listing.Through the analysis of the case,the research conclusions of this article are:(1)The reverse acquisition of the parent company model reduces the overall listing cost and speeds up the overall listing;(2)market responds positively to overall listing,shareholder wealth increases;(3)The overall listing eliminates horizontal competition and related party transactions and improves business performance;(4)Injecting quality assets help enhance the competitiveness of enterprises.Based on this,the following enlightenment was obtained:(1)choose the overall listing model suitable for itself from the characteristics of the enterprise;(2)choose a reasonable overall listing plan based on the actual situation of the enterprise;(3)investors should be rational regarding the overall listing,should not be excessively sought after;(4)comprehensively consider the quality of the introduction of assets and inject high-quality assets.The full text has five parts: The first part is the introduction,which analyzes the research background and significance of the article,domestic and foreign literature,research ideas and methods,and article framework.The second part is a theoretical overview of the overall listing of the corporate group.It mainly expounds the concept,mode,motivation and evaluation method of the overall listing,and analyzes the theories related to the overall listing.The third part is case study of the overall listing of Guo Lian Environmental Protection.It mainly introduces the basic situation of Guo Lian Environmental Protection,Hua Guan Shares and Guo Lian Group,the design and implementation process of the overall listing of Guo Lian Environmental Protection and the motivation for its selection for overall listing.The fourth part is a case analysis of the overall listing of Guo Lian Environmental Protection.It mainly analyzes four aspects of the overall listing mode,market effect,financial effect and the overall listing effect of Guo Lian Environmental Protection.The fifth part is the case summary and inspiration of this article.The conclusion part is a summary of the research results of this article,and the inspiration part is to elaborate on the places that are worth thinking and learning in the overall listing process of Guo Lian Environmental Protection.