The Case Study On Overall Listing Of Wuchan Zhongda Group

With the improvement of China's capital market,the drawbacks of the state-owned enterprises that have been listed in the initial stage are increasingly prominent.To solve the problem of related transactions,to avoid the trade competition with the same business,further deepening the reform of the mixed ownership,large state-owned enterprise groups are expanding the reform path,the innovation to the implementation of the overall listing on the market,most of the subsequent performance well in the process of operation,the social overall recognition is gradually higher.The reform means of the corresponding state-owned enterprise groups and the raging wind of the capital stock market have aroused the public's curiosity and exploration of the reform path of the overall listing.In this background,this article selects the large state-owned enterprises supply chain integration service product enterprise——WuChan ZhongDa in A-share market,which absorbed its parent company ZheJiang Material Industrial group by private placement to achieve the overall listing,the overall listing of the motivation,process and effect are studied,it is concluded that the overall listing of relevant enlightenments and Suggestions are put forward.This article firstly summarizes the document of acquisitions and the overall listing at home and abroad,comprehensively introduces the related concepts and theoretical basis of overall listing,secondly describes the general situation of the enterprise implementing overall listing,industry background,at the same time from preparation,overall plan and concrete operation sequence of events of three aspects in detail to present the ins and outs of the case.Then,the paper analyzes the overall listing case from the two respects of the motivation and effect.The motivation aspect,according to the internal and external driving factors,analyze the original intention of listing.In terms of effect,first of all,the event research method is used to analyze the reaction of the market to the overall listing of the enterprise.Secondly,from the equity structure and the change of the internal governance structure,illustrate the influence of corporate governance by overall listing,based on measure of the related transactions of buybacks and the relative amount of overall listing,which effectively reduces the related transactions,to evade the competition;Thirdly,through the analysis of the financial indexes before and after the whole listing,the changes of financial performance after the overall listing are evaluated.Finally,analyze the impact of stakeholders including institutional investors and regulators.In this paper,the main conclusions include: this overall listing basically completed intended target,but the time is short and the scale is large,equity structure transfer faster than the speed of the assets of the business integration,leading to merger enterprise profitability has slipped in the short term.And draw the following enlightenments and Suggestions: overall listing plan must be combined with the company development strategy design,enterprises inject assets to rein in asset quality,the government and enterprises should formulate the related regulations in order to improve asset access standard,overall listing plan coupling with a set of equity incentive scheme for synchronous implementation,in order to ensure the healthy and orderly development of capital market of our country,the overall listing is expected to act according to its ability and strengthen the supervision.