A Study On Financial Effect Of Midea Group's Holistic Listing

With the progress of times as well as the development and perfection of securities market,the spin-off listing which appeared at the initial period of securities market development has exposed the disadvantages of connected transaction,horizontal competition,illegal guarantee,and major shareholders' malicious occupation to the capital as well as the benefits of medium and small shareholders cannot be guaranteed,which cannot be ignored.In order to effectively solve these sequelae that produced by such kind of spin-off listing,the holistic listing emerges at the right moment.From 2003 to the current decades,the holistic listing has developed gradually,thus creating all kinds of new mode.After reviewing the related researches about holistic listing and financial effect,this paper defines the concept and analysis method of the holistic listing's financial effect.By adopting the case study method,this paper selects the holistic listing of Midea Group in 2013 as the case,which is identified as the “important and unexampled events” by the China Securities Regulatory Commission(CSRC)and this paper make a study on such kind of new-type listing model as well as the financial effect produced by it.In combination of the concept and analysis method of holistic listing's financial effect which defined by this paper,this paper makes an analysis from the perspective of the corporate's financial quality,financial capacity,scale advantage,connected transaction,economical efficiency of research & development,organization structure,stability of finance,enterprises value and fluctuation of stock price one by one so as to verify whether this enterprise has achieved the objective of holistic listing and whether this enterprise can serve as an example of non-listed company successfully consolidating the listed company.Finally,this paper makes a conclusion that the model of Midea Grouphas produced a positive financial effect to all aspects of the enterprise,which basically achieve the expected objective of holistic listing.It is a kind of successful model.Therefore,this paper concludes the success reason and the adaptation of Midea model in order to give some enlightenment and references in terms of plans making and specific operation for the follow-up holistic listing companies.Meanwhile,this paper proposes some suggestions for the later development of Midea Group as well as the suggestions for relevant laws,regulations and supporting policies about perfecting the holistic listing.