Research On The Effect Of Stock Absorption Listing As A Whole

Since the establishment of the stock market in China,more than 3,000 enterprises have been listed in China,most of which are state-owned enterprises.Split listing is an important way of listing in the age of split share structure.It promoted the positive development of capital market and lightened the financing burden of listed companies at that time.However,in the process of rapid development of securities market,Split listing can not be adapted to it.As an important institutional reform to solve the problem of split listing in China's securities market,holistic listing emerged as the times require.As we all know,the overall listing will have a significant impact on the enterprise,however,the overall listing Whether it can really create positive operating performance for listed companies,whether it can effectively promote the overall asset quality of listed companies,and whether it can promote the long-term healthy development of listed companies,is still to be further studied by us in combination with specific cases.This paper chooses the whole listing of China Merchants Shekou Holding(CMSK)as a sample,through the analysis of the market reaction,financial situation and governance level of the enterprises before and after the whole listing,to demonstrate that the corporate value has been improved after the whole listing.Market competitiveness has also been enhanced.This article through a small part of the way to sum up and analyze the case,to help government departments correctly guide the state-owned enterprises to achieve the overall listing,for their other countries There are some enterprises to realize the overall listing to provide experience for reference,and to provide a theoretical basis for the securities regulatory authorities to strengthen the supervision and approval of the overall listed enterprises.This paper adopts the method of combining theoretical analysis with case analysis.After reviewing and analyzing the domestic and foreign research literature,the definition,characteristics,mode,basic theory and motivation of the whole listing are summarized.In the case study of the whole listing process,motivation and economic consequences of CMSK,the method of case analysis and quantitative analysis is used.Finally,by means of inductive synthesis,this paper summarizes the whole listing case of CMSK,and puts forward some constructive suggestions on the problems that may appear in the whole listing process.Based on the case study on the whole listing of CMSK,this paper draws the following conclusions: 1)the reasonable overall listing mode is selected by the CMSK,and 2)the whole listing of CMSK is beneficial to the integration of internal resources.After greatly reducing the internal internal competition,the overall performance of the listed companies has been fully promoted,which has achieved the purpose of the overall listing of enterprises,and has created good internal and external conditions for the future development of listed companies.Through the in-depth analysis of the case of overall listing in CMSK,this paper puts forward the following four suggestions: the relevant departments should encourage listed companies to realize the overall listing of enterprise groups;The product injection to the listed company is the guarantee of the performance of the whole enterprise after listing;the effective guarantee of the whole listing is to fulfill the obligation of information disclosure seriously;the key to the successful overall listing of the enterprise is to choose the appropriate mode of listing.The text of this paper is divided into five chapters.The first chapter is the introduction: the main topic of the background and significance of the study,through the domestic and foreign literature collation,the research framework of this paper.The second chapter is the overview of the whole listing theory: firstly,the concept and characteristics of the whole listing are explained in detail;secondly,the motivation of the whole listing is analyzed;finally,This paper summarizes the theoretical basis of the corporate stock exchange absorption of the whole listing.The third chapter is a case study on the whole listing of CMSK.First of all,the paper introduces the basic situation of attracting investment,CMSK and the real estate of absorbing and merging respectively;then,it refers to Finally,it explains the implementation of the whole listing of CMSK.The fourth chapter is about the performance analysis of the whole listing of CMSK: on the one hand,quantitative analysis of the market performance and financial situation before and after the overall listing of CMSK,among which,The cumulative excess return rate and the fluctuation of individual stock price are used to describe the overall listing of the company to obtain market effect,and then ten financial indicators are used to evaluate the financial effect of the company;on the other hand,Qualitative analysis of the overall listing of CMSK after the corporate governance level.At the same time,the causes of the performance of CMSK are analyzed.Chapter 5 For the conclusions and policy implications of this study,the overall listing has produced positive economic consequences for the financial situation of the listed companies,the management results and the integration of high quality resources,which conforms to the original intention of the scheme design,and finally puts forward some reasonable policy implications.