Research On Huayi Group's Overall Listing And Optimal Allocation Of Resources

The 19th National Congress of the Communist Party of China(CPC)has emphasized deepening economic structural reform,among which the reform of state-owned enterprises is a top priority.The goal of SOE reform is to improve the efficiency of resource allocation and enhance corporate governance.Through directional add-insurance,Huayi group has injected high-quality assets from seven companies,such as,Nenghua,Tianyuan,into the listed company,realizing core assets overall listing,putting energy&chemical industry,green tires,fine chemical,advanced materials and chemical service under the unified control platform and promoting further consolidation and expansion of the industrial chain.Based on overall listing,We take Huayi group as a case to make a depth analysis of its overall listing path,optimize the allocation of resources and do further study of listed SOE overall impact on resource allocation process and its inner logic from the time dimension,in order to reveal its inherent mechanism.Different from existing research about,among overall corporate governance and public resource allocation,there is no distinction between ownership structure.We take SOEs as research object and connect overall listing with allocation of resources and analyze its inner logic and reveal influence mechanism of overall listing to resource allocation.The findings of this paper are:(1)Huayi group has promoted the strategic transformation,integrated industrial chain,strengthened the main industry and optimized the efficiency of resource allocation.(2)Overall listing significantly improves the asset securitization rate and effectively alleviates the financing constraints;(3)Overall listing promotes financial performance of the group and enterprise values achieves promoted after overall listing;(4)It has a positive effect on improving corporate governance through the reform of corporate governance.Especially,we link SOE overall listing with the allocation of resources.By making an analysis of inner logic of Huayi group's overall listing and resources allocation optimization,we also reveal the mechanism on SOE overall listing to optimize allocation of resources,enrich research and application on allocation of resources.It is of great significance to analyze and improve corporate governance strategy from the perspective of corporate governance.