Research On The Impact Of Overall Listing On Enterprise Value

Early in the development of capital market,many enterprises in order to meet the listed requirements,chosed to spin off part of high-quality assets listed out,this calledthe spin off listing.However,with the continuous development of the securities market,many disadvantages exposed gradually,such as imperfect corporate governance structure,the connection transaction,medium and small investors interests have been invaded and so on.These drawbacks severely affected the healthy and orderly development of capital market.Therefore,since2003,the country began a series of policy for the overall listing to market,to alleviate the disadvantages spin-off listed came into being.With the continuous development of overall listing system,it has gradually became a important way to solve disadvantages that spin off listing produced.From the spin off listing to the overall listing,this is a system innovation of securities market in our country,and then become the hot topic in a research of big domestic scholars.Most scholars in our country research the specific case of a listed company as a whole or the whole public financial performance analysis,however,about the overall listing of the impact of enterprise value is rarely.Listed in this background,overall listing and its mode of choice for the study of the theory of the system,analysis the impact of the value about the enterprise,to provide our country listed companies choose the overall listing of thought,and it has great theoretical significance and practical value.This article mainly uses the qualitative and quantitative analysis method,around the "overall listing of enterprise value influence research" the core issues for further research.Research idea of this paper are as follows: first of all,both at home and abroad about the document of the listed company as a whole and enterprise value are summarized,from theory to the overall listing and elaborates the enterprise value and so on,and has set up EVA as the core of the evaluation system to evaluate the overall performance of listed the impact on the enterprise value.Second choice YH group as a case study,analysis of its background,motivation and the choice of whole appears on the market share swap absorption merger model for the cause of the whole appears on the market,and as a practical analysis to list on the stock share swap absorption merger process and result of the impact of the value of the company.Finally through theory and case analysis:listed companies choose according to oneself circumstance whole,really had a positive effect on the improve enterprise value,and improve the corporate governance structure,reduce the related party transactions and gain economies of scale and synergy effect,improving the core competitive ability,broaden the financing channels,etc have a positive effect.But at the same time should notice after the overall listing should fully in a timely manner to strengthen the depth of the internal resources integration and potential financial risks,and the overall listing of the short-term effect is obvious,long-term effect still needs further research.