| The initial stage of the development of China’s capital market,due to historical reasons,some state-owned enterprises have chosen to spin off the market,will be part of the strong profitability,good prospects for growth of high-quality assets separate listing.But with China’s capital market development and improvement,the abuse of listed spin off listing mode becoming more and more obvious,such as asset markets did not fully reflect the value of group company,the controlling shareholder and related transactions,significant loss of justice and security breaches NBRE and tunneling behavior has become the norm,competition also there is no way to avoid,these have seriously damaged the interests of small shareholders.With the completion of the split share structure reform,the construction of China’s capital market continues to improve,the overall listing has become an effective way to solve the problem of spin off listing.In May 2011,according to Anhui province SASAC relevant documentation requirements,Anhui Construction Engineering Group Co.Ltd.(hereinafter referred to as the "Anhui Construction Group")and Anhui Provincial Water Conservancy Construction Engineering Corporation(hereinafter referred to as the "water company")began restructuring,its main goal is to Anhui Construction Group’s main business assets into the listed Anhui water company,Anhui construction industry group to achieve the overall market,promote the value of state-owned assets.In 2014 2015,the state has promulgated the "on further promoting the healthy development of the capital market," "some opinions on deepening the reform of state-owned enterprises guidance" and other documents,the mixed ownership reform of state-owned enterprises once again become the focus of attention.According to the relevant policies of state-owned enterprise reform,the second half of 2015,Anhui Construction Group homeopathic launched its overall listing plan,that is,Anhui water resources to absorb the merger of Anhui Construction Engineering Group and supporting the raising of funds.December 2016,Anhui water absorption merger Anhui Construction Engineering Group and supporting the overall plan to raise funds to obtain approval of the China Securities Regulatory Commission,marking the Anhui Construction Engineering Group as a whole to make decisive progress in the listing work.In the implementation of the overall listing of the program there are many other state-owned enterprises can learn from the local state-owned enterprises,especially the construction of large state-owned enterprises as a whole has a certain reference value.This article takes the Anhui Construction Engineering Group’s overall listing as an example,using case analysis method and event method of Anhui Construction Engineering Group listed as a whole effect and characteristics of the practice and lack of analysis and evaluation,and puts forward some enlightenment and suggestions.This paper is divided into five parts: the first part is the introduction,introduces the background and significance,research contents and methods;the second part is literature review and theoretical basis,literature review and theoretical basis of combing the overall market;the third part is the case of the Anhui construction group listed as a whole,introduced.The basic situation,the relevant parties background and purpose,the overall listing of the specific plan and the overall listing process;the fourth part is the case analysis,detailed analysis of the effect,Anhui construction of the overall market characteristics of the practice and not enough;the fifth part is the enlightenment and suggestions of Anhui construction Engineering Group listed as a whole has,through the study of Anhui construction the group’s overall listing of the case,the case to illustrate the revelation of the overall market,for further reform of state-owned enterprises of mixed ownership and provide some suggestions Discussion. |
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