Study On The Performance Of TISCO Overall Listing

The early development of securities market, due to objective reasons, many enterprises in China to take the spin-off, this approach effectively solve the financing problems of listed companies, a good impetus to the development of China’s securities market. As the stock market continues to improve, a large number of related party transactions between listed companies and business groups, and with the competition and other defects continue to appear. To effectively address these issues, the major shareholder of the original divestiture have injected into the listed company to achieve the Group’s overall business listing.With the "listed companies to issue management approach" and issued the "Administrative Measures acquisition of listed companies," the implementation of non-public listed companies to issue shares as payment has the legitimacy to group companies listed company private placement to achieve the Group’s overall business listing become the main mode of the overall market. This model can affect corporate performance become an issue of widespread concern.In this paper, TISCO by way of private placement to acquire the assets of its parent company’s main business, the main industry group to achieve the overall market as a case study. Firstly, the research background and significance, and reviewed the current research; secondly, the relevant concepts,theoretical basis for a summary and analysis of the advantages and disadvantages of several models of the overall market; once again, for the case company a brief description and analysis of the overall market TISCO motivation and the company’s overall listing of the program, the overall impact on the ownership structure of listed; Next, focus on using event study method and financial indicators of the company’s announcement effect and financial performance analysis, and its comparable companies in the same industry performance were compared and found that the overall market TISCO event announcement caused a positive effect, compared with the same time and comparable companies in the same industry have increased dramatically compared with before its financial performance, Then analyze the impact of changes in financial performance before and after TISCO stainless overall market factors that expanded the size of the overall market listed companies, improve the industrial chain, reducing the related transactions is the main reason.Finally, summarize the conclusions of this study that listed companies can improve the overall market performance of the company’s short and long term, and get a good market effect, you can lay a good foundation for the long-term development of the company, given the current downturn in the development of China’s iron and steel industry research status, this paper can provide reference for the management of a limited company. Next, given some suggestions listed companies overall market:(1) when considering the implementation of enterprise groups to pay attention to the quality of the overall market assets;(2)Enterprise Group in considering the implementation of the overall market’s time to pay attention associated with the injection of assets;(3) enterprise Group when considering the overall market to combine their own situation to select the appropriate mode Finally, the deficiencies of this study.