A Study On The Performance Evaluation Of The Holistic Listed Company

With the development and modification of China’s capital market, more and moreholistic listed company has already approached.holistic listing as a way of financialinnovation,it has a positive impact on China’s securities market. In general, the holisticlisting is conducive to eliminate related transaction and make company become biggerand stronger,at the same time, the group company through holistic listing can get a largenumber of high-quality assets injection, so as to improve corporate governance, improvethe overall performance of the company. Therefore, it is a necessary and meaningfulproblem to carry out the overall performance of the holistic listing.This article defines the scope and related concepts of holistic listing, we are fromthe basic theory of holistic listing, including the efficiency market hypothesis, assetrestructuring theory, enterprise boundary theory and the theory of financial managementgoal, to discusses and analyzed the holistic listing. this paper selected53holistic listingcompanies between2007and2011as the research sample, using event study method andfactor analysis on the sample data for empirical research. At the same time, in this paper,the holistic listing model divided into two major categories, including adding stocksmodel and merger model, by comparative research group company listed on the overallimpact on enterprise performance. this article give a conclusion: from the short-termperspective, the holistic listing can bring short-term wealth effect for the enterprise; Froma long-term point of view, the holistic listing of group company’s long-term performancedid not produce significant effect; The holistic listing company through adding stocksmodel improve financial performance, while the company through merger model makethe financial performance fall slightly.