Study On The Influence Of Holistic Listing To Corporate Governance

Chinese securities market is a system arrangement to introduce the process of market economy in transition, the stock market carrying the reform of state-owned enterprises and state-owned enterprises listed financing mission. In order to achieve the listing and financing of Chinese enterprise listing standards, the past mainly uses part of the assets and business spin off listing mode, resulting in a lack of operational capacity, it is difficult to avoid the competition and affiliated transactions phenomenon. In order to change this situation, policy and market to encourage enterprises listed as a whole. However, the holistic listing is based on expectations the pattern itself is not perfect substantive and its affiliated transaction makes the enterprise holistic listing can easily become another enclosure movement controlling shareholders. Related party transactions whether because the group’s holistic listing has been effectively curbed? Company ownership structure has been implemented for the holistic listing of enterprise groups as the expected improvement? The holistic listing can really such as legend says it has "divine", can enhance the enterprise’s financial performance? In order to solve these problems, this paper based on the representative of Panzhihua Iron and Steel Group listed as a whole case analysis, trying to find the answers to these questions.Firstly, the holistic listing of the literature reviews, attempts to explore the enterprise from the existing research why select the overall market, whether the holistic listing can optimize the structure of corporate governance performance, whether the holistic listing can reduce the related party transactions, listed as a whole by what way the impact of corporate governance and the holistic listing. This paper studies on the holistic listing of the concept and the significance, the holistic listing and corporate governance, listed as a whole and related party transactions, the overall market and financial performance are summarized, find out the research direction of this paper.Secondly, this paper carries on the analysis to the holistic listing of all aspects of the impact of corporate governance, including ownership concentration, the internal governance structure, institutional investors, related party transactions and financial performance. The article thinks, different models of holistic listing concentration effects on equity, directional private placement and holistic listing to raise equity concentration, the public issuance of listed as a whole to reduce the degree of ownership concentration, the holistic listing of cash equity concentration has no effect; the holistic listed on the impact of internal governance structure is represented by the number of independent directors, the board of directors and the background members and other factors; institutional investors reflected the Enterprise Inc governance performance, transparency, good governance structure, the number of institutional investors and stock volume increased, so institutional investors may reflect the holistic listing company performance is improved; the overall market including the listing as a whole and the corporate holistic listing, the holistic listing mode two can reduce the enterprise transaction, but the decreasing degree is different; the overall market impact on the financial performance of the influence factors of Myers complex and&Majluf pecking order theory, thereby reducing holistic listing of corporate financial performance.Finally, this paper analyses the case of Panzhihua Iron and Steel Group’s holistic listing. Through the changes before and after comparison of the overall corporate governance index, related party transactions and financial performance indicators, to further study the enterprise is listed as a whole can bring positive effect to the performance of corporate governance, whether can scale to reduce the related party transactions. Pangang Group listed as a whole is more complex, involving the issuance of new shares to buy assets, relates to many convertible absorption merger, also introduced the third party as the cash option payment. The complex holistic listing plan and ownership structure, as the research object has a certain representative significance.Through the analysis of Panzhihua Iron and Steel Group listed as a whole case, this paper draws the following three conclusions:first, the holistic listing can not improve the corporate governance performance, even have a negative effect on the comprehensive performance. Second, the holistic listing can reduce the size of large transactions, the related internal transactions. Third, the holistic listing can not improve the listing Corporation’s financial performance, but the performance variation. In short, the holistic listing can solve or alleviate the drawbacks existing in corporate governance to some extent, but there are some such as reducing financial performance, increased "Yigududa" malpractice.