Research On The Impact Of The Overall Listing Of Nari Technology On Corporate Value From The Perspective Of Resource Optimal Allocation

There are variety problems emerged after firm spin-off.The government has successively issued multiple regulations to encourage the overall listing.Relying on the capital market to integrate all kinds of resource allocation paths,fully tap the potential of resources,so as to enhance the overall strength of enterprises.As the leader of the power industry,State Grid Corporation of China has become the key target,and Nari Technology as the first listed enterprise in the State Grid system,its healthy development plays a vital role in the stability of power industry.The thesis has employed a case study by analyzing Nari Technology and mainly explores the impact of overall listing on corporate value from the perspective of resources optimal allocation.This paper takes the resource allocation theory,internal capital market theory and efficiency theory as the theoretical basis.This paper studies the overall listing of Nari Technology from the perspective of resources optimal allocation.For this case,firstly,it provides a brief introduction of the transaction parties,the transaction process and the overall listing motivation.Secondly,it analyzes the selection of underlying asset in the overall listing process from strategic objectives,asset specificity and operational benefits.Thirdly,it explores the paths of resources optimal allocation affecting corporate value in the overall listing process,and makes a comprehensive analysis from the dimensions of asset integration,business structure optimization,technological innovation,market expansion,capital financing and distribution,alleviating horizontal competition and connected transaction,improving ownership structure.Fourth,in order to judge whether the implementation of overall listing can actually improve corporate value,we use the event study method,financial index analysis method and economic value added method to measure it quantitatively.In the end,it comes to a conclusion that the overall listing of Nari Technology based on the perspective of resources optimal allocation can promote its corporate value as a whole,and summarizes the meaningful experience of its overall listing,so as to provide reference for other relevant companies.The research conclusion is presented as the following three claims:(1)The reasonable overall listing plan of Nari Technology is conducive to the achievement of strategic target.(2)The overall listing of Nari Technology has realized the efficient allocation of resources.(3)The overall listing of Nari Technology enhances the value of corporate.To sum up,based on the optimal allocation of resources as the starting point,through the form of a single case to explore the resources optimal allocation in the process of enterprise overall listing affect the path of the corporate value and influence on the corporate value,whole appears on the market shows that the overall public behavior has a positive influence on corporate value,but also promote the sustainable and healthy development.