The Case Study On The Holistic Listing Of Stock-for-Stock Absorption Merger In Wuchan Zhongda Group CO.,LTD.

In the process of the development of capital market in China,many enterprises have adopted the split listing method to achieve the purpose of listing some assets.After the enterprises split the high-quality core business into the market,the operating conditions and financial effects have indeed improved to a certain extent.However,with the continuous improvement of the market system,the shortcomings of the split listing are gradually highlighted.In order to improve the status of the group,enterprises began to explore the path of listing as a whole.In recent years,SASAC and CSRC of the State Council have issued several opinions on the reform of the overall listing system,requiring local governments to make full use of the platform of listed companies to activate state-owned assets and encourage the reform of state-owned enterprises,which indicates that the policy conditions for the overall listing of enterprises are constantly improving.For the securities market,there has always been a contradiction between the state-owned economy and the market economy,and holistic listing can defuse this contradiction skillfully,and the choice of stock exchange,absorption and merger is not limited by the size of assets of both sides of the merger,and can reduce the cash flow expenditure of enterprises as much as possible.The case selected in this paper is the case of Wuchanzhongda stock exchange to absorb and merge the whole listing of Wuchan group.By studying this case,we can find the effect and risk of Wuchanzhongda stock exchange to absorb and merge the whole listing,and provide a reference template for other enterprises that are reforming and trying to list as a whole,and also enable investors to better understand the concept of holistic listing and correctly recognize it.Understand and pay attention to the group companies listed as a whole,so as to choose a reasonable investment strategy.This paper chooses the most promising group in Zhejiang SASAC as the case study object,and puts forward the research ideas through introducing the research background and significance of the article.Based on the relevant concepts and theories,the paper further studies the market reaction,business performance,related transaction,capital structure and the related concepts before and after the overall listing of the Wuchanzhongda in accordance with the literature research method,case study method and event study method.The change of ownership structure leads to reliable conclusions.It is known from the research that the overall listing of the Wuchanzhongda group can optimize the allocation of enterprise resources and achieve scale effect.The continuous integration of various resources can give full play to the synergy effect in finance,management and operation,enhance business performance,eliminate the associated transactions between the property group and the large-scale property group,adjust the capital structure of the enterprise,and enhance the enterprise.Comprehensive competitiveness,at the same time,can improve the ownership structure of large property,improve the corporate governance system.Through the research,this paper can put forward some suggestions to other enterprises: in the process of holistic listing,enterprises should grasp the timing and mode of holistic listing according to the actual operating conditions;when choosing assets for merger,we need to consider the income performance of injected assets;high-quality assets can promote the long-term development of enterprises,while bad assets may drag down the operation of enterprises as a whole;After listing,we should continue to strengthen the integration of resources and do a good job of risk prevention.