A Study On The Impact Of Overall Listing On Corporate Governance

As an important institutional construction, overall listing has great influence on solving the problem of inconsistent benefits between controlling shareholders and listed companies and improving corporate governance of listed companies. Most of the existing literature focus on the expection of performance enhancement and investment value of individual cases which have completed overall listing. Results of research on the impact of overall Listing on corporate governance are very few and lack of data evidence. The aim of this paper is to investigate whether overall listing can improve the corporate governance of Chinese enterprises.The theoretical basis of this paper is the related theories of corporate governance, shareholding structure and related party transactions. In the light of deficiencies in Chinese securities market system, this paper presents the proposition of overall listing, which mainly includes the statistical analysis of existing overall listing models, the empirical study on whether overall listing can improve corporate governance, as well as the comparison of different models' impacts on corporate governance.Theoretical analysis and empirical research show that overall listing is able to improve the governance structure of listed companies to some extent and different models of overall listing have different impacts on corporate governance in aspects of shareholding structure, related party transactions, management integration, as well as the introduction of strategic investors. Directional add-issuance to controlling shareholders will highlight the problem of 'one share dominates exclusively'. The effect of corporate overall listing on improving corporate governance is better than that of assets overall listing. Therefore, overall listing should be considered with the problem of 'one share dominates exclusively' and proposed add-issuance should be given differential policies according to different industries. Encourage the model of add-issuance to strategic and institutional investors. Support corporate overall listing and strengthen the supervision of benefits transportation during the process of assets injection by controlling shareholders.