| In recent years,Chinese concept stocks have made a new wave of privatization and return,which makes the researches on privatization become more and more popular Privatization of the listed companies is rare in China’s mainland,so that the domestic researches on privatization of the listed companies mainly focuses on the topic of Chinese concept stocks with Chinese unique background,which is quite different from overseas.However,the recent case of privatization of Haier electronics opens a new research perspective of privatization which is based on the listed platforms’ integration within the group.In other words,in the case of multi listed platforms within the group,the group privatizes listed companies to reduce the number of listed platforms,simplify the internal listed system and straighten out the internal coordination mechanism.This topic has practical significance in the context of the diversification of internal listed platforms in many domestic enterprise groups.So how does the coexistence of multi listed platforms within the group evolve?How to identify the problems caused by multi listed platforms and what deep-seated factors lead enterprise groups to make decisions of privatization to reduce the number of listed platforms?How can privatization influence the whole enterprise groups?These problems are undoubtedly worth studying.Firstly,by using standard method,this paper combs the previous literature on the concept,motivations and effects of privatization of listed companies and extends the conclusions to the specific perspective of privatization,which provides references for the research.Based on synergy theory,contingency management theory,transaction costs theory and asymmetric information theory,this paper forms the theoretical framework of "motivations of privatization-effects of privatization" from the perspective of listed platforms’ integration within the group.Secondly,by using case method,this paper displays the background,the plan,the condition of the underlying asset,the characteristic of privatization and the historical development track of Haier group’s multi listed platforms.On this basis,this paper analyzes the motivations of privatization from the aspects of collaborative integration,industry competition,transaction costs and investment willingness.The collaborative integration is explained from the three aspects of management,operation and finance to show the weakness of internal coordination mechanism in the enterprise group.The section of industry competition uses the entropy coefficient method to compare the comprehensive performance of the case company and comparable companies to highlight the impact of multi listed platforms within the group on the five enterprise capabilities.The section of transaction displays the cost of maintaining listed,especially the related transactions between the underlying asset and the other enterprises of internal group.The section of investment willingness explores the reasons of low investment willingness from the perspective of investors.The four motivations lead to the underestimation of enterprise value together.At the same time,this paper also displays the comparison of enterprise value indicators between the case company and comparable companies.As for the effects of privatization,this paper explains the transmission path of the effect and then discusses the positive effect of privatization on Haier’s enterprise value from the aspects of short-term market performance and long-term enterprise valuation.In conclusion,the motivations of privatization of listed companies within the group may be the problems of collaborative integration,industry competition,transaction cost and investment willingness brought by multi listed platforms.And the implementation of privatization can bring the positive effect on the promotion of enterprise value.Whether privatization or listing is the means of capital operation,the final choice depends on whether it is in line with the fundamental interests of enterprises and whether it can bring competitive advantages to enterprises.Finally,this paper makes a brief study on the adverse consequences and problems of privatization.After that,this paper provides experience for those big mac groups which have intention to carry out privatization to integrate the whole group that privatization must be in line with the long-term development strategy of enterprises and enterprises should choose the path of privatization carefully and make reasonable later plans of development.Meanwhile,this paper also suggests that the regulators should strengthen supervision of the privatization plan,follow-up behavior of enterprises and information disclosure to protect minority shareholders,and deepen the reform of the capital market to meet the market demand,so as to make the capital market more mature and controllable. |
