Discussion On The Motivation And Effect Of JAC's Overall Listing

In the initial development stage of China's securities market,due to the small scale,the spin-off listing was the mainstream way of listing at that time,that is,the high-quality assets or business of the group were split up for listing.At that time,the spin-off was listed.The development of China's securities market has played a huge role in promoting and has also promoted the development of China's economy to some extent.However,with the continuous expansion of the size of the securities market,the spin-off and listing has gradually failed to adapt to the market environment.The related transactions and the large shareholders' encroachment on rights and interests have become the main drawbacks of the spin-off.It is precisely because of the various problems in the spin-off and listing,and the overall listing has received more attention and application due to the inherent advantages of improving these problems.Since 2003,the relevant state departments have explored the relevant systems for listing and the methods of listing.A number of policies have been introduced to encourage enterprises to achieve overall listing,and to strengthen the reform of the shareholding system of state-owned large-scale group companies.The state has issued relevant policies to promote the overall listing.Therefore,the state's attitude toward the overall listing is very encouraging.In this policy environment,since TCL realized the overall listing through the conversion of IPO in 2004,more and more companies have joined the overall listing team.The overall listing has been implemented in China for some time.The government and enterprises have actively pursued the overall listing of enterprise groups.The idea of the overall listing has been explored for 14 years,and many cases of overall listing have appeared in China..In view of the overall listing is the general trend of the listing of enterprises,this article takes the overall listing as the research object,combines the relevant theories and actual cases of the overall listing,summarizes and summarizes the concepts of the overall listing,summarizes the concept of the overall listing,Motivation and performance.After that,taking the overall listing of JAC as the research object,this paper investigated the basic situation of JAC,the review of the overall listing process and the analysis of the impact of the entire listing on JAC.In terms of motivation,,The motivation of JAC listed includes the need for internal integration,the promotion of policies and the oppression of the industry situation.Under various pressures,JAC chose the overall listing to help enterprises integrate the industrial chain,give full play to their scale advantages,and improve the ownership structure of enterprises in the process of complying with mixed ownership reform.In terms of impact analysis,the use of incident analytics to analyze the overall listing model has a short-term boost,perhaps because the overall listing is good news for the market.At the same time,the financial statements of the company from 2012 to 2015 were collected and analyzed,and the relevant financial indicators were analyzed.The financial effects of JAC's overall listing were obtained.After the overall listing,JAC's financial data has not been improved compared with the previous one,and the solvency has been enhanced.By reducing related transactions,the company's operational efficiency has been improved,profitability has increased,and technology growth and quality have been improved.Ability is enhanced.Finally,it is concluded that after completing the overall listing,JAC has certain optimization effects on the company's management,reducing the previous series of internal related transactions,and has certain positive effects on the diversification of state-owned enterprises' equity,bringing certain The profit growth momentum.Therefore,the overall listing is conducive to the development of the Jianghuai Group.Based on this,this paper puts forward some ideas for the overall listing of enterprises,that is,from the case of JAC's overall listing,what kind of suggestions can we give to enterprises and government departments to guide the overall listing of the enterprises,and how the enterprises can be listed as a whole.Achieve stronger development.For example,enterprises should choose a model that suits their own development status.After the overall listing is completed,they should continue to seek effective management methods and focus on the development of new energy.I hope that through the research of this article,it will provide some enlightenment and experience for the future listing of enterprises.The article is divided into five parts.The first part is the introduction,which introduces the background and significance of this study,and confirms the research ideas,methods and framework of this paper by reviewing the relevant literature.The second part is an overview of the relevant theories,analysis and comparison of the four modes of holistic listing,explore the general motivation of holistic listing,analyze the impact of holistic listing,and introduce the performance evaluation method of holistic listing.This paper mainly uses financial index method,event study method and comparative analysis method.The third part makes a concrete analysis of the case,introduces the background of the overall listing of Jianghuai Automobile,probes into the motivation of the overall listing,and describes the process of the overall listing of Jianghuai Automobile.The motivation of listing as a whole is mainly analyzed from four aspects: external policy guidance,scale effect,restraint of related party transactions,and management synergy.The fourth part studies the impact of holistic listing from three aspects: corporate governance,financial indicators and market reaction.In the aspect of corporate governance,this paper makes a comparative analysis of the significant changes in ownership structure,the reduction of related party transactions,the introduction of strategic investors,and the impact of managers' direct Shareholding on corporate governance.In terms of financial indicators,through comparative analysis of solvency,operating capacity,profitability and growth capacity,the financial performance of the overall listing is evaluated.In terms of short-term market reaction,the event study method is used to analyze the changes of stock price and cumulative abnormal return on 5 and 15 days before and after the event,and the short-term market reaction after the overall listing is analyzed.Then the reasons for the overall listing performance of Jianghuai Automobile are analyzed.The fifth part summarizes the research conclusion of Jianghuai automobile holistic listing,and provides suggestions for other automobile enterprises how to holistic listing and how to supervise.Including enterprises should formulate practical listing plans,improve the governance structure after listing as a whole,abide by information disclosure system,regulators should improve relevant laws and regulations for supervision,and pay attention to new energy technology development.