Study On The Overall Listing Value Effect Of China Merchants Shekou Holdings

Due to historical reasons,in the initial period of capital market,Chinese enterprises became listed through the credit approval system,thereby they implemented spin-off listing.With the continuous development of the securities market,the disadvantages of spinoff listing have gradually been exposed,such as related party transactions,horizontal competition,"only one big share " and so on.In this context,as a financing way with Chinese characteristics,the overall listing attracted public attention.The overall listing can reduce the related transactions of listed companies,promote the improvement of corporate governance,and effectively solve the problem of the horizontal competition.At the same time,the business group can also achieve the integration of internal resources through the overall listing,which can promote industry update.Therefore,in recent years,the relevant cases of the overall listing are increasing,the models of the overall listing is also increasingly diversified.In the several models of the overall listing,convertible merger can avoid the pressure of large cash payment and produce the tax shield effect and synergistic effect.Therefore,this model is being used by more and more enterprises.The groups,such as Shanghai Bailian,Dongfang Electric and Neusoft achieved the overall listing through this model.In this trend,in order to give full play to its advantages in resource,and integrate the group's real estate business,and reduce the related party transactions,horizontal competition with China Merchants Property Development Co,China Merchants Shekou Industrial Zone Holdings Co completed the overall listing in 2015.In this paper,a case study is carried out on the overall listing of China Merchants shekou.First of all,the article reviews the theory about the models,motivations and enterprise evaluation of overall listing,which lays the theoretical foundation for the case study.Then,the article introduces the basic condition of the companies,the overall listing process which provide sufficient background information and data for the case analysis.In the part of case analysis,this paper makes a quantitative analysis of the overall listing from three aspects,including the process and the value effect of the overall listing.Afterwards,this article makes a qualitative analysis about the innovation andthe existing problem of the overall listing.This article analyzes the specific operation of the merger and its rationality,the process of merger and the performance after the merger.From the above analysis,we can get the objective and reasonable evaluation of the overall listing.At the end of the article,it puts forward some suggestions on the future overall listing of the enterprise from the two aspects about the enterprise and the market environment.Hope these suggestions can provide some reference.From the perspective of enterprises,this paper argues that enterprises should choose the right time to merge.Companies should adopt a variety of ways to raise matching funds and determine the reasonable price in the process of the overall listing.Meanwhile,the enterprises should set up the risk prevention mechanism of the overall listing and establish a comprehensive integration program.From the perspective of market environment,this paper suggest improving the relevant laws of convertible absorption and strengthen the supervision of the market for the overall listing.Finally,this paper draws the following conclusion.The reasonable price is the key to the successful completion of the convertible merger.The proper model of the overall listing influences its value effect.In addition,the overall listing is an effective way to increase shareholder wealth and enhance corporate value.