Research On The Motivation And Economic Consequences Of Nari's Overall Listing

In the early days of China's stock market,some enterprises separate high-quality assets or businesses to realize the split listing.In this period,the split listing has played a role in promoting the development of China's securities market,but also to a certain extent,promoting the development of China's economy.However,with the development of the securities market,the split listing can't adapt to the economic development situation of our country gradually.The problems such as related party transactions and major shareholders' encroachment on rights and interests are increasingly prominent,which seriously restrict the sustainable development of enterprises and the securities market.In order to solve the problems brought by the split listing,China's relevant departments began to actively explore related system of the overall listing in 2003.Since 2011,the state has successively issued a series of documents,such as the notice on strengthening the management of inside information of state-owned shareholders of listed companies,the decision on several major issues of comprehensively deepening the reform,and the guiding opinions on deepening the reform of state-owned enterprises,which create a good policy environment for the overall listing of Chinese enterprises.Therefore,the overall listing is an important way to promote the reform of state-owned enterprises.As the first listed company in the State Grid system,Guodian Nari successfully listed the core assets of the group in 2017.Therefore,the case study of Nari's overall listing has certain reference value for other enterprises in China.This paper chooses Guodian Nari as a case study to study the motivation and economic consequences of the overall listing of Guodian Nari.This article consists of the following five chapters.The first chapter is an introduction.First,it introduces the research background and significance of this article,then a review of the overall market-related literature,and finally introduces the research ideas,methods,and basic framework of this article.The second chapter is the theoretical overview of the whole listing,which introduces the concept,motivation,economic consequences and theoretical basis of the whole listing,and paves the way for the case analysis part later.The third chapter is the case introduction of the overall listing of Nari,which introduces the basic situation,the overall listing plan,the listing process and motivation of the related enterprises.The fourth chapter is the analysis of the economic consequences of the overall listing,which includes three aspects:(1)analyzing the short-term and long-term market reaction of the overall listing by calculating the cumulative excess return rate and comparing the monthly opening price of the stock;(2)analyzing the financial performance changes brought by the overall listing by comparing the financial indicators before and after the overall listing;(3)analyzing the overall listing from different perspectives The reasons why listing affects performance.The fifth chapter summarizes the research conclusion of the overall listing of Nari,and provides enlightenment for other enterprises.Based on the theory of scale economy,the theory of enterprise boundary and the theory of synergy effect,this paper adopts the method of literature study and case study,On the basis of reviewing relevant research literature systems,and chooses the overall listing of Nari as a case to study the motivation and economic consequences of the overall listing.The results show that Nari has chosen to be listed as a whole in order to alleviate the competition among peers,reduce related transactions,expand business scope and improve the layout of industrial chain,and implement the national mixed reform policy.From the perspective of implementation effect,as the overall listing reduces related party transactions,eases the intra group competition,and plays a scale effect and synergy effect,it significantly improves the profitability of Guodian Nari,and effectively promotes the growth of enterprises.And whether from the stock price trend or cumulative excess return,the market has made a positive response.Through the analysis of the overall listing cases of Nari,this paper draws the following conclusions:(1)the overall listing is conducive to the improvement of Nari's industrial chain and the expansion of its business scope;(2)the overall listing reduces the related party transactions and peer competition within NARI Group;(3)the overall listing is shareholder wealth and company performance The growth of has injected new impetus.The Enlightenment from the case of Guodian Nari's overall listing is that:(1)qualified state-owned enterprises should actively list as a whole;(2)enterprises should choose an overall listing model suitable for their own conditions;(3)the injection of high-quality assets is a total listing the key to success.