| As the development of stock market, there are constantly happening more and more cases, such like re-organization, acquisition, merger, dynamics and incentives for development. In the dynamic stock market, re-organization, acquisition and merger have been becoming hot topics. In order to enlarge the stock market and add catalyst to the national economy, the government is preparing to set up secondary market in Shenzhen and Shanghai(Start-up). The purpose is to provide an opportunity for dynamic enterprises to go to the public and a larger space for the split-ups to go the public. In itself the stock market has never stopped the chance for the split-ups. However, most firms select overseas markets, New York, Hong Kong etc, to go to the public. At present, the second market is being set up. This also indicates more chances for split-ups. The basic analysis of this dissertation has tow-folds: one aspect focuses on the relationships between stock market and the economy; another aspect emphasizes on the influences asserted by auditing policies over primary and secondary market. There are huge amount of theoretical fruits which can be used as secondary data for this research. It also can be concluded that stock market has been contributing great to the national economy. Analysis can be of a help for the stock market but also can bright out some side effects. This dissertation begins with theoretical research and empirical research will follows up. The conclusion will be reached in the later part. Because the topic covers secondary market and the sub-standard stock market, some cases will be briefly introduced at the end of this paper. Theses cases could not be new for those investors in stock market. The structure has been designed so far. The dissertation will look at stock market. The analysis starts from introduction to some conceptualization issue. The macro analysis points out that stock market plays key role in the national market and the positive effect of split-up going to the public can not be overlooked. However, it can also bring about some side effect, especially in this environment. It can effect primary and secondary market. For enterprises the key issue is how to make use of this policy. If an enterprise can not use it positively, it could be thought of as concepulisation issue. It is no good for the firm in long term. At the meantime, it requires of auditing authorities to standardize split-up going to the public.This topic interests me due to my own experience. Graduated from South-west Financing University in 1992, the personal employment record stared stock market, which was early immature stage. It was luck for me to oversee the growing period from a baby to a talkative boy. Helping firms to re-organize, to acquire and merge has been being my job. As a administrative of secondary market, I witnessed the ups and downs of stock market, laughing and crying of investors. Some seemingly booming firms has hidden their grey areas and cheating. Consequently, there lacks of systematic research. As newly emerging topic, split-up going to the public has received less attention. There are not much documentary materials to be used. Personally, there are increasing split-ups as secondary market proceeds. Recently, some unethical matters, such like trading under the table, has decreased because of the strict auditing from the government. The stock market has been constantly improving. It can not be expected that all problems could be shoveled over one night and become a very standard market as those in America or England. Some side effects will also be indicated because all research was based upon cases. This dissertation is featured by :1. to fill up a blind area of stock market.2. The research method and result is guiding and operational. 3. The research is based upon empirical research. |
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