Listing Transfer, Corporate Governance Improvement And Enterprise Value Enhancement

Capital can flow smoothly across multi-level markets within mature capital market system. Flexible and mature listing transfer mechanism is indispensable no matter to enterprise itself or whole capital market.Chinese new third-board system develops gradually; there are practical demands for new third-board enterprises transferring to second-board, or even to main board in future. Corresponding listing transfer mechanism is needed to turn it into reality, meanwhile listing transfer mechanism could create more space for capital flowing, furnish more options for differential investors, and bring more efficient deployment of resources.But at present, there is no systematic listing transfer mechanism within Chinese capital market,publicly disclosed dissertations and researches pertaining to impact of listing transfer on enterprise value are very rare.Thus this article mainly study the topic of “Why listing transfer, how to conduct listing transfer and what changes will be on enterprise value after listing transfer”, the author take an example of Singaproe incorporated SME which successfully passed through listing transfer in Singapore Stock Exchange, discuss and analyze how this company conduct listing transfer from Catalyst board to main board through corporate governance improvement, and evaluate the impact on enterprise value caused by listing transfer. The example is to prove that corporate governance improvement stimulated by listing transfer can enhance enterprise value and indirectly prove listing transfer can enhance enterprise value. Meanwhile the enterprise out of the article can be taken as model for Chinese SME who wishes to conduct listing transfer in future.This article's value mainly lie on sorting of current study on relationship of corporate governance and enterprise value, proving current study's feasibility using actual example, eventually to prove listing transfer can enhance enterprise value and necessity of corporate governance improvement for the purpose of listing transfer. But there are obvious differences existing in terms of law system and government factor, different result could apprear which is pending for future examination when copying this system and model on Chinese capital market,...