Study On The Company Performance Of Chinese Companies By Holistic Listing

With a strong development of our market economy and development norms ofcapital market, once favored analysis of listed inevitably caused many problems andflaws. in this case，group companies take advantages of themselves to use holdingsfor controlling listed companies via absorbing merger or the way of assetsrestructuring to make group parent company listed on this method of the mainoperational assets is means Overall market approach is sought after by everyone. Inthis context, it plays a vital in making related research of overall market.This thesisstudies the overall performance of listed companies，not only reveals the influenceof the external market level whole appears on the market, but also discusses deeplythe impact of Operating areas, to better understanding list in integrity behavior ofgroup companies and regulate the overall regulatory regime has great significanceSince2004TCL Completed its overall market for the first time the overallmarket has always been a hot spot of China’s capital market research From theexisting literatures, our current researches on the overall market are mostlyconcentrated in the theoretical part, but lack of the discussion of the overall marketperformance of systematic research. To the further analysis of relationship betweenoverall market and corporate performance, and also to rich literature on relevantaspects of this paper, in this thesis using the theory of enterprise boundary theory,market power theory and synergy theory, combining the concrete situation of ourcapital market, using method of researching events (for market performance) andfactor analysis (for operate performance), Systematic analysis of the whole appearson the market impact on corporate performance.Then, using of multivariatestatistical analysis, and panel data models of the company’s overall performancefactors to analyze deeply.Firstly, to select the2007-2012Chinese successful implementation of holisticoverall companies as the sample, separating several groups using T test averageresults and multivariate statistical analysis methods of statistical analysis, analysisof the effect of announcement around20days and its main influencing factors. Theresults show that the overall listing can gain positive in the short term and thepositive market effect, and this is positive market effect is closely related withinjected asset quality and overall market patterns related to the overall market. Thento select the2007-2012Chinese successful implementation of holistic overall companies as the sample, using factor analysis method and panel data model, toanalyzes its market the previous year, this year and a year after the overall listingand its factors. The results showed that: there is a significant growth in companies’market performance after overall market, there is a close relationship about thisincrease in operating performance and the ultimate control and ownershipconcentration of the overall market companies’ Based on the above research, thethesis gave us some comments and opinions on the overall market.