| In the early development of China's capital market,many enterprises by the capital market capacity and asset quality and other factors,can not meet the listing requirements,part of the high-quality assets spin off the restructuring of listed,that is,"spin-off listing." With the establishment of the strategic position of the domestic capital market,the completion of the split share structure reform,China's capital market has gradually entered the era of full circulation,the role of the capital market is growing attention and get favorable play.In the context of global economic integration and increasing international competitiveness,the spin-off market gradually exposed the drawbacks,such as listed companies related party transactions,listed companies to provide guarantees for the controlling shareholder,large shareholders invaded the interests of small shareholders,the company's shareholding structure is not Reasonable,unreasonable corporate governance structure.These shortcomings seriously affected the healthy development of the capital market.The overall listing of China's capital market relative to the spin-off listing with the "Chinese characteristics" concept.Since 2003,the relevant state agencies began to develop policies to explore the way the overall listing of enterprises to ease the drawbacks of the spin-off listing.SASAC has repeatedly introduced policies to actively support the assets or the main business assets of enterprises,especially large state-owned enterprises of the state-owned business as a whole listed.The use of capital markets and the accumulation of rapid accumulation of capital,improve the size of enterprises and competitive strength,it becomes an urgent task of enterprises bigger and stronger.Conform to the trend,many powerful enterprises in the experience after the spin-off listing to take this opportunity to join the overall listing of the wave,and achieved certain results.TCL Group,Wuhan Iron and Steel shares,Shanghai Automotive,Nanjing Iron and Steel Group,large enterprises listed as a whole came into being and in full swing to develop,become China's long-term hot market capital.Based on this,this paper reviews the overall literature and financial effects of the relevant literature,theoretical research,combing the overall development of the evolution,model selection and financial effects of the evaluation method.Using the case study method,the Nanjing Iron and Steel Group,which was selected as the typical reorganization and merger case award in 2011,was selected as the case,and the innovative listing mode and its financial effect were studied.This paper analyzes the value of the market,such as the market value index,the financial index,the EVA calculation and the non-financial index,in order to verify whether the Nanjing Iron and Steel Group Company has achieved the purpose of the whole listing in the light of the evaluation method of the financial effect of the overall listingas defined in this paper And can be used as an example of the success of unlisted companies.Finally,the overall listing under the private placement of the enterprise had a positive financial effect,basically reached the overall purpose of the market,is a successful model.With a view to the follow-up of the overall listing of the company to develop programs and specific operations to give inspiration and reference. |
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