From Segmental Listing To Holistic Listing

Due to some historical reasons, the majority of China's publicly listed companies were born of some high-productive capital from their mother companies and from segmental listing. Such a method leaves over a lot of problems for the public companies' standard operation and a lot of serious problems for China's stock market. Thus, it is important for the securities market to initiate a most basic institutional innovation to solve such a historical issue. That's the institutional requirement for China's stock market to make progress from double-trade system to a higher level.Since the second half of 2003, many corporations like TCL Group,Wu Gang Co. Ltd,An Gang Co. Ltd,Bai Lian Co. Ltd,Bao Gang Co. Ltd and Shang Gang Co. Ltd have successively realized holistic listing. The whole models of these companies are different between each other, but they deserve to be the pioneers of the financial creation of holistic listing, no matter what kind of the model is. This creative action is sure to promote the systematic construction for Chinese market, and is available for curing some demerits for the China's domestic security market. With the development of stock market and the complete of the equity division reform, investors pay attention to the self-protect and the listed companies need improve their management level and corporate governance. So China's Securities Regulatory Commission and listed companies are inclined to holistic listing. Holistic listing effectively resolves the problems of segmental listing, improves the quality of the assets, purifies the stock market's environment and has many advantages compare with segmental listing. Holistic listing will become the major model of listing of companies.Against this background, it is a more important significative research to make a systemic study on holistic listing from theory to practice, analyse the influences on China' stock market and companies which holistic listing brings, give some advice for holistic listing of Chinese companies. At present, the research of holistic listing at home is in the initial step, and does not form systemic theories. According to the situation, the paper researches several cases of holistic listing, summarizes models of holistic listing and provides experiences and guides for the future development of holistic listing.The paper uses method of comparative analysis, and emphasizes the union of theory and empirical study. The paper compares advantages and disadvantages of the two models, analyzes the effect for related party transactions,structure of capital and finance of listed companies, raise the solutions aiming at the problems of holistic listing.