Case Study On The Overall Listing And Performance Of The Guodian NARI

In the 1990 s,China 's capital market was gradually opened.A large number of state-owned enterprises chose to go public in order to improve operating efficiency and obtain more financing.Due to the institutional background,legal controls,and corporate conditions,most of the state-owned enterprises chose to go public in spinoffs.However,as time goes by,the drawbacks of the spin-off listing gradually emerge,a large number of related transactions provide conditions for the transfer of internal interests of the group,and the listed companies and the group compete with each other in the same industry,which leads to the inefficient use of resources,The competitiveness of enterprises is reduced and the long-term development is restricted.At the same time,the reform of state-owned enterprises continued to advance.After more than ten years of development,state-owned enterprises have greatly improved their management methods and organizational systems.Under such an internal and external environment,the conditions for the overall listing of state-owned enterprises have been initially met.the fields of electricity reform was pushed to the public.In October 2017,Guodian NARI realized the overall listing of the core assets of the controlling shareholder NARI Group by way of a private placement.This overall listing is in line with the state-owned enterprise reform spirit of the state to actively promote the overall listing of state-owned enterprises.As the first company under the State Grid to achieve an overall listing,the overall listing can provide reference for the reform of state-owned enterprises in other power industries.Based on the research of the existing literature on the overall listing performance and motivations,this article takes Guodian NARI as the research object.In this case,the background of the state-owned enterprise reform and power reform,the basic situation of Guodian NARI and the detailed process of the overall listing is introduced;secondly,the performance impact of the overall listing on NARI Group is analyzed: by analyzing the excess returns of Guodian NARI before and after the overall listing,it can be seen that the stock market has given positive feedback;then by summing up the financial data of the four years before and after the overall listing,It can be seen that the long-term financial performance has been improved to some extents.Then in accordance with the ideas of previous literature research,this paper analyzes the role of overall listing on enterprise performance from the following aspects: improving the industrial chain,solving the internal industry competition,improving the ownership structure and improving the core competitiveness.Finally,this article summarizes the case and gives inspiration: the way of the overall listing must be selected according to the actual situation of the enterprise,and the injected assets need to be high-quality After the completion of the overall listing,there is still a need for continuous integration of enterprises.Only by continuously strengthening the integration effect can the potential of the overall listing be brought into full play.This paper hopes to provide references for the reform of state-owned enterprises in the field of electric power in the future.