Research On The Motivations And Performances Of The Overall Listing By Private Placements In Power Construction Corporation Of China

In the early stage of China's capital market development,group enterprises restructured their high-quality assets and businesses by means of splitting and listing.However,with the continuous development of the market,the problems brought by splitting and listing gradually exposed,such as the increase of affiliated transactions between parent and subsidiary companies,the increase of inter-subsidiary competition,etc.,which seriously affected the healthy growth of enterprises and made them fit for the joint venture capital market.Changing constantly,the overall listing emerged as the times require.That is to say,group enterprises can achieve the overall listing by injecting some assets and businesses into listed subsidiaries.At the same time,relevant departments such as the State-owned Enterprises Commission and the Securities Regulatory Commission have issued relevant policies: "Encouraging central enterprises that do not have the conditions for the overall listing to gradually inject their excellent main business assets into listed companies,so as to become better and stronger listed companies" to support the development of enterprises.The influence of market and policy has caused the upsurge of overall listing,and there is no exception for the old-name central enterprises,which are also the leading construction enterprises in China.How to solve the drawbacks brought by the split listing,how to influence the performance of enterprises by the injection of assets in the later stage,and what reference means can be provided for the similar large-scale group enterprises in the specific operation process,all of these have the functions of solving the drawbacks brought about by the split listing as a whole.It has research value.This paper takes the overall listing of directional additional issuance of Power Construction Corporation of China as the research object.Based on the existing theoretical basis and combined with practical cases,this paper makes an analysis from three aspects:motivation,mode and performance.As far as Power Construction Corporation of China is concerned,the driving influence of scale benefit,enterprise financial target and national policy makes Power Construction Corporation of China go public as a whole,expecting to perfect the industrial chain of listed subsidiaries by listing as a whole;at the same time,based on the influence of its own financial situation,it chooses the mode of directionaladditional issuance to design the overall listing plan of "two parts + three steps";and on the whole of Power Construction Corporation of China.Market analysis,financial index analysis and EVA momentum analysis are used to analyze the long-term and short-term market response,financial performance and corporate value of the overall listing.Finally,the conclusion of the study is that holistic listing improves corporate performance,shareholder wealth and the efficiency of holistic listing.However,the success of an enterprise can not be completely replicated,and the corresponding enlightenment can be drawn from it: enterprise groups should rationally treat the whole listing based on the company's development strategy and capital market environment,formulate their own plans for the whole listing,inject high-quality resources and business,and actively integrate after the whole listing;supervisors should actively promote the whole listing and increase it.Strengthen the supervision of assets quality of listed companies.It has a good reference for other enterprises in the same industry which need to reform the mixed ownership system.