Analysis Of The Motivation And Effect Of The Overall Listing Of CUHK

In the early stage of China's securities market,due to various factors,enterprises can only choose to spin off the market to meet the listing standards.The spin-off listing also meets the needs of enterprise development,but its drawbacks are increasingly apparent.Due to the spin-off and listing,there is a phenomenon of horizontal competition,unfair related transactions,and large shareholders' encroachment on the interests of minority shareholders.The overall listing has become an urgent demand in the current market.This thesis focuses on the research of the products,mainly analyzes the motives of the group's corporate listing as a whole by means of share swap and merger,and the effect after the overall listing.The paper first introduces the companies involved in the listing of the large-scale listing of the property,and at the same time sorts out the process of the overall listing of the property,including the asset restructuring and shareholding adjustment during the listing process,and comparative analysis of the large-scale adoption of the stock exchange.The merger mode realizes the characteristics of the overall listing;secondly,analyzes the motivation and effect of the large-scale overall listing of the property,and analyzes the internal and external motivations of the overall listing in combination with the policy orientation,industry development and the situation before the company's listing,and collects and organizes the overall Five years before and after the listing,the report data,shareholding structure and stock market reaction,etc.,respectively analyzed whether the synergy effect occurred,the change of shareholder wealth and the changes of related transactions,and then based on the analysis results,the product was completed and the overall listing was completed.The effect is that after the overall listing,the company has expanded its scale,extended the industrial chain and expanded its market share,and gained good development capabilities.The company's main business has been strengthened while reducing related party transactions and horizontal competition,and improving internal corporate governance.Structure,management and shareholder interests Consistent,the market has a good short-term response.However,after the overall listing,there is still a problem of insufficient resource integration and poor management efficiency.Finally,it summarizes the enlightenment and supervision of the listing of large and medium-sized enterprises on the overall listing of other enterprises.It is suggested that enterprises should choose a reasonable overall listing model,inject high-quality assets,and properly optimize the industrial layout when formulating the overall listing plan.The regulatory authorities should strengthen supervision and supervision to improve the legal compliance of the company's overall listing and maintain the benign development of the capital market.