Group Overall Market Performance Of Empirical Research

Based on the state-owned enterprises gradually appear, spin off listing shortcomings from the equity division reform step by step to the overall listing of state-owned enterprises reform under the big background, the main research is a group company through the purchase of whole appears on the market, such an event for the group company’s short-term and long-term effects.For research on the effects of short-term performance, the selection of the board plan announcement day as a day of the announcement of the overall listing, select 10 days after 10 days before announcement as window period of event study, using the event study method, calculate the average excess yields AAR and cumulative average excess return the CAR, and the average excess returns and the cumulative average excess returns.Selected for the research on the effects of long-term performance, that the enterprise long-term performance related to a series of financial indicators, using the factor analysis method, studies the overall listed the first three years to three years after the comprehensive factor score, and to reflect the business performance of several important financial indicators analysis, come to the conclusion that whether long-term performance was improved.In this paper, the main conclusions are:(1) group company through the purchase mode, whole appears on the market in the short term, the events of overall listing announcement of announcement effect exists, group company declared overall listing for the market is a positive message, there is the cumulative average excess return.(2)the group of companies listed on declaring the whole was significantly improved its performance, and after the overall listing to further improve corporate performance is not significantly, compared with the overall listed in those days,a year after the overall listing of the enterprise performance has slipped.But relative to the overall listing before the performance is improved.(3)based on the inspection of important financial indicators, it is concluded that consider the overall listing, the company’s total assets of significant growth, the company’s assets profit ability, operation ability, debt paying ability, development ability, and a marked increase in the collection ability conclusion.