| As a kind of important financial innovation, the holistic listing encouraged by the policy, and emerged significant short-term positive wealth effect. But can this type of financial innovation truly improve listed companies’performance in long-term? This question awaits the empirical test. If not, it means that the holistic listing has only short-term hype value, which may exist in small shareholders’interests infringed by big shareholders, and needs to be guided and controlled. This paper makes a theoretical analysis and empirical research on it.Firstly, this paper analysis in theoretical way and finds that, if the holistic listing can bring new value to the listed company, then all shareholders of the listed company can profit by the holistic listing, and realize shareholder interests equilibrium; If can’t, the holistic listing is likely to become a new channels of big shareholder "tunneling" to infringe small shareholder’ interests. Then, taking53listed companies which implemented the holistic listing in2004-2008as the sample, this paper studies the whole change of the company performance before and after the holistic listing three years by using event-based method, the accounting method, improved methods of FA-DEA,, and does classified observations, then analysis the main influential factors through Tobit regression model.The evidence from four aspects finds:holistic listing did not improve long-term performance of relative listed companies, the sample companies’ performance significantly reduced after a period of holistic listing; the stock of the relative companies did not bring significant excess profits to long-term investors. Further classification observation showed that compared with made shell listing mode and merger shell listing mode, borrow shell listing mode has more advantages in improving the performance of listed company. Adopt shares as payment obtains better performance than the other kinds of payment. The scale increases of sample companies did not bring the same proportion increase of the efficiency and benefits, appear even significant negative influence. The sample companies in different industries have different effect after holistic listing, sample companies in financial and industrial industry short term performance improved, but declined in long run, as base materials and consumer non-necessities businesses companies, holistic listing did not improve short-term or long-term performance, on the contrary, there are significant negative effects. The companies with good performance before appear more significant decline after holistic listing. Through Tobit model regression analysis also found that sound macroeconomic environment, high fixed asset turnover, good company existing profitability and potential profitability are conducive to the company’s long-term performance improvement, while operating scale enlargement and business increased risk is unfavorable to improve the company long-term performance, the state-owned properties of sample company efficiency is lower than relative private enterprises.This paper’s experience conclusion has a profound meaning in corporate governance:controlling shareholders probably using holistic listing encroached on small shareholder’s benefit, and we can speculate the infringement is more serious in the process of holistic listing which implemented by superior performance listed company. This reminds us that we should calm and cautious view the holistic listing events in stock market. Not only that, the generally phenomenons such as the performance of listed companies first increased and then decreased after holistic listing also hints that, performance whitewashed and reports adjustment behavior may exist in short run. Therefore, it is necessary to adjust and improve our holistic listing policies, such as strengthening the related companies assess and audit work, implement injection asset quality large shareholders commitment safeguard mechanism, introducing and strengthen long-term performance commitment system, etc. |
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