| Public offer is an important way of corporate finance to achieve boomingdevelopment. Large state-owned central enterprises, playing roles of stablizingeconomic operation and resolving social employment, are important pillars of thenational economy. So the listing model strongly affects the capital markets. Thedifferent listing model also affects the value of the enterprises, business restructuringand refinancing ability. In recent years, the central SASAC vigorously promotesconsolidation and restructuring of enterprises, to implement of holistic listing modeof central enterprises. Therefore, comparing the advantages between segmental listingand holistic listing, has great significance for corporate development and nationalpolicies.This paper reviews the history of evolution of enterprise listing mode, to summarizethe literature to four categories holistic listing modes, and2segmental listing modes.Classify on the121central enterprises under this jurisdiction. Compare the holisticlisting mode with segmental listing mode, at the point of initial public offering andthe time of refinancing. Especially, analyze the A-share listed companies of thecentral enterprises who has4-7carve-out listed companies, to find out the differencebetween this kind of carve-out and others in de aspect of companies’ profits, revenues,liquidity, liabilities, and the market acceptance. And we conclude that carve-out bysectors has stronger profitability and much more popular with investors, andcarve-out by region or product performance poorer--investors ‘vote with their feet’.Finally, we study the financial data, the split mode in the carve-out samples, andconfirmed that carve-out by sectors has high market acceptance.The significance of this study is provide reference for the central enterprises on modeselection. In the process of seeking financing from capital markets, the selection ofthe listing mode depends on their own size and main business section, do not blindlyfollow. |
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