Research On The Overall Listing Motivation And Economic Consequences Of Wanhua Chemical From The Perspective Of Resource Integration

In the early stage of the development of Chinese securities market,the assets of state-owned enterprises were uneven,and the overall qualification of enterprises could not meet the listing requirements.It is common for state-owned enterprises to go public by spinning off some of their high-quality assets.Since then,with the development of the capital market,the defects of spin-off listing have gradually emerged.Major shareholders’ "hollowing out" and "supporting" behaviors have damaged the interests of minority shareholders to a certain extent.Since 2003,the CSRC and the SASAC have issued a series of documents to encourage enterprises to get listed as a whole.However,the overall listing of some enterprises did not achieve the expected results.The existing literature mainly focuses on the motivation,mode and economic consequences of the overall listing,and lacks the research on the pre-listing,mid-listing and post-listing process from the perspective of resource integration.From the perspective of resource integration,this thesis focuses on the following questions:Is the overall listing reasonable?What is the motivation of resource integration by the way of whole listing?Has the resource integration achieved the expected economic effect by going public as a whole?This thesis selects the case of the overall listing of Wanhua Chemical,analyzes the rationality of the overall listing of Wanhua Chemical from the strategic level and tactical level,and analyzes the motivation and economic consequences of the overall listing of Wanhua Chemical.In this case,before the overall listing of Wanhua Chemical,Wanhua Industrial had its survival division,its assets were redivided,and Wanhua Chemical was newly established and continued to exist.Subsequently,through the parent company Wanhua Chemical shareholders to issue shares to absorb and merge Wanhua Chemical to achieve the overall listing.After the overall listing,the company has been integrated from the aspects of business,assets,finance,personnel and institutions.In this thesis,the following conclusions are drawn.First,the assets absorbed by the overall listing of Wanhua Chemical are matched with Wanhua Chemical at both strategic and tactical levels,and the overall listing is reasonable.Second,from the perspective of resource integration,the motivation for Wanhua to go public as a whole is to realize the optimal allocation of resources,so as to improve the efficiency of resource allocation.Improve the market share and bargaining power,so as to enhance the profitability of enterprises;Acquire high quality resources to improve the performance of the enterprise.Third,the overall listing of Wanhua Chemical did not achieve the expected economic effect Specifically,the efficiency of resource allocation declines,corporate profitability declines,and corporate performance fluctuates.This is mainly due to the impact of the macro economy,which indicates that Wanhua Chemical needs to strengthen its ability to cope with external risks.The significance of this thesis lies in that,in terms of theory,there are few researches on the combination of resource integration and overall listing in the existing literature.This thesis hopes to enrich relevant researches by using the case of Wanhua Chemical.In practice,this thesis analyzes in detail the process before,during and after the overall listing of Wanhua Chemical,hoping to provide reference for the upcoming implementation of the overall listing of enterprises.