Study On Payment And Performance Of Overall Listing Of State-Owned Enterprise

The overall listing of state-owned enterprises is an excellent means to respond to the government's call and actually solve the problems caused by the spin-off and listing,but there is a single payment plan problem.The choice of payment plan is very important for state-owned enterprises,which not only affects the capital structure,but also affects the overall performance of the company after listing,equity structure and other key issues.Choosing an inappropriate payment plan may also cause the transaction to fail.Therefore,it is necessary to study the payment plan of the overall listing of state-owned enterprises and its impact on performance,which can provide new ideas and ideas for the design of the overall listing of state-owned enterprises in the future.The overall listing case of China Power Construction selected in this paper is the first case of premium issue in the overall listing of state-owned enterprises and the first case of supporting financing using preferred shares.The payment plan is very representative.Through this case analysis,this article draws the following conclusions:(1)The nature of the company,the financial status of China Power Construction,and the purpose of its overall listing determine that the payment plan is dominated by equity payments.(2)The core content of China Power Construction's payment plan is to effectively control the expansion of common equity and protect the interests of small and medium shareholders.(3)China Electric Power Construction's overall listing transaction has achieved positive results in both short-term and long-term.(4)The overall listed payment plan can indeed have some impact on corporate performance.Through the research on China Power Construction's payment scheme,this article draws the following enlightenment:(1)State-owned enterprises should tend to choose the payment scheme based on equity payment in the overall listing transaction;(2)Premium increase and debt acceptance 1.Issuance of preferred shares is an effective means to prevent dilution of equity.(3)State-owned enterprises should fully consider the impact that the payment plan can bring on the performance of the enterprise when choosing the overall listed payment plan,and try to choose the scheme that allows small and medium-sized shareholders.The main contribution of this article: Theoretically,based on the Chinese characteristic economy,this article extends the existing research theories to state-owned enterprises and enriches the scope of application of the existing theories;in practice,this article analyzes the overall listing of China Power Construction to choose innovative payment The influencing factors of the plan,the pros and cons of the payment plan and the performance changes of China Power Construction under the payment plan have found some links between the overall listed payment plan and the performance of the enterprise.By analyzing this innovative payment plan,it can provide a reference for the design of the payment plan for the state-owned enterprises preparing for the overall listing in the future.