Study On The Performance Of Holistic Listed Group Company

Early in the development of securities market in our country,the scale of securities market is too small,the profitability of enterprises is poor and the accounting data can't meet the listing requirements.For all the above reasons,a lot of enterprises adopt the way of spinning off listing.But with the development of the securities market,the related party transactions in the process of spinning off listing become overmuch,the controlling shareholders occupy interests of listed company and hollow listed companies,more and more drawbacks are highlighted.The overall listing not only can effectively reduce intra-group related transactions,strengthen corporate independence,integration of internal and external resources,to achieve synergies,but also to promote the securities market and capital market healthy and orderly development.Therefore,the overall market research system is necessary and urgent.This paper reveals the external market efficiency of listed companies,but also to explore the overall listing of the long-term business impact of the impact of the overall listing of the understanding,regulation and norms have a good reference.Midea Group is the first case of absorption merger and open up a new way incapital market.We can see the great change in Midea Group by Holistic listing.Firstly,Based on interpretation of the absorption of the merger plan,the mode and the process,we Event Study,analysis the effect of CAR around 20 days and t Tobin's Q Ratio around 1010 quarters.Secondly,we use T test average results,DuPont analysis and Comparative analysis approach,evaluates the change of the financial benefit,management benefit and the The customer benefit before and after the overall listing of Midea Group,In addition,it analyzes the reasons.Based on the analysis of Midea Group's overall listing,it comes to the conclusion:Overall listing of Midea group is beneficial to improving the industrial chain to achieve synergies and improving the operating performance and shareholder financial.It has also improved the corporate governance effect and enhanced the market competitiveness.On the basis of the conclusion,for the group companies who expect overall listing should choose the way that suit its situation,and attach great importance to improving the company's financial governance structure after the overall listing and promoting the integration of the depth of the main business.At the same time,relevant departments should also strengthen the supervision on overall listing and promote the standardized operation.