| In the initial stage of the establishment of Chinese capital market,it is a mainstream way to separate out high-quality assets and achieve listing.With the development and expansion of the capital market,it is found that there are many drawbacks in the spin-off listing.For example,it is easy to cause the connected transactions to overflow,and major shareholders use connected transactions to occupy the interests of scattered investors.According to the above issues,the regulator has issued a series of policies to encourage qualified companies to conduct overall listings.Since the emergence of the overall listing system,many companies have effectively integrated resources by injecting high-quality assets into listed companies.These companies achieve positive economic effects after the completion of the overall listing.These successful cases not only promote the development of China's securities market,but also provide experience for other companies planning to implement overall listing.Wanhua chemical completed the overall listing in February 2019,realizing the purpose of injecting its high-quality chemical assets into the listed company.This article selects the case of Wanhua Chemical's overall listing and combines theories of economies of scale,corporate boundaries,synergies,and corporate control to analyze the motivations and economic consequences of Wanhua Chemical's overall listing.The full text consists of five parts: The first part is the introduction,which explains the research background and significance of the article.Meanwhile,domestic and foreign research on the overall listing is sorted,and,as well,thinking and methods of the article is clarified.Furthermore,the overall framework of this work is presented.The second part is the theoretical overview.This part mainly includes the connotation and basic model of the overall listing,the motivation,the evaluation methods of economic consequences,and the basic theories of the overall listing.The third part is the case overview of Wanhua Chemical's overall listing,which introduces the companies involved in the listing and describes the process of its overall listing.Wanhua Chemical will inject high-quality assets to improve the chemical manufacturing industry chain through the overall listing.It will also use stock exchange M&A to reduce the pressure on cash payments,and establish a price adjustment mechanism to protect shareholders' interests.At the same time,strategic investors were introduced to optimize the equity structure.Combined with the macro environment and the enterprise's own situation,the motivations for the overall listing of Wanhua Chemical includes solving the problem of inter-bank competition and reducing related party transactions;optimizing resource allocation and enhancing profitability;improving corporate governance structure and decision-making efficiency;realizing the production and operation of global inter-continental linkage;deepening the reform of state-owned enterprise ownership.The fourth part analyzes the economic consequences of Wanhua Chemical's overall listing.The study found that the overall listing has improved the company's performance and overall strength,but the debt repayment ability and operating efficiency need to be further improved;in addition,the overall listing has a positive impact on Wanhua Chemical's short-term stock value and long-term shareholder value.Furthermore,the market competitiveness of the company has been enhanced.The fifth part is the case conclusions and Implications.Based on the case analysis of Wanhua Chemical's overall listing,this article draws the following conclusions: Firstly,the overall listing is conducive to reducing connected transactions and resolving inter-bank competition issues,which aviods major shareholders in connected transactions or using connected transactions to empty listed companies.Secondly,the introduction of high-quality assets is a key factor for enterprises to improve their competitiveness.The introduction of high-quality assets allows investors to take a positive attitude towards the future development of the company after the overall listing,so that enterprises can develop steadily in a virtuous circle.Thirdly,the overall listing is beneficial for listed companies to enhance their core competitiveness,anti-risk capabilities and sustainable development capabilities;in addition,it can lay a solid foundation for the long-term development of enterprises.Finally,the overall listing has realized the optimization of the shareholding structure,established diversified investment subjects and made the company subject to the effective supervision of the market,which is conducive to the realization of the external constraint mechanism of corporate governance,so as to improve the level of corporate governance.Wanhua Chemical provides the following implications for other companies planning to conduct overall listing:(1)The quality of the injected asset quality for the implementation of the listed company will directly affect the overall performance and long-term development of the company in the future.In other words,companies should pay enough attention.(2)The overall listing plan should be reasonably formulated according to the actual situation of the company,which not only protects the interests of investors,but also meets the requirements of the regulatory authorities.Only when the plan meets the interests of all parties,can the smooth implementation of the overall listing be guaranteed,otherwise the overall listing is probably to fail midway.The participation of strategic investors can optimize the structure of corporate governance,and bring the enterprise technology management and capital support,so as to promote the healthy development of enterprises,help enterprises successfully realize overall listing.(4)The company should attach great importance to the integration of resources and highlight the core competitiveness of the company after overall listing.Only in this way can it be possible to enhance the value of the company. |
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