Study On The Financial Effect Of Holistic Listed By Reverse Takeover

The rise of China's economy can't be apart from the rapid development of capital market.At the beginning of the Chinese securities market development,Most enterprises adopt the spin-off listing.In the way,kinds of problems come out.To solve those problems,government implement relevant policies to encourage holistic listing.Under this background,to analyze holistic listing from theory to practice is a subject worth studying.The reason why the overall listing is adopted is that it often brings significant financial effects for listed companies.Therefore,this paper takes the financial effect of the overall listing of reverse takeover as the main line through the full text,and combines with the relevant cases.Among them,the use of reverse takeover of CITIC Limited to achieve the overall listing,is a pioneer in the reform of state-owned enterprises,so selected as a case is typical.The full text is divided into five parts altogether.Part I,introduction.introduce the research background and research significance of topic selection.This article construct research framework,research ideas and research methods after the financial effect of domestic and foreign research literature review.Because abroad securities market is more developed than domestic market,there is no equity segmentation problem in the western market,not many foreign scholars for the study of the theory of the whole appears on the market.The essence of overall listing is assets restructuring,this paper draws on foreign research results of asset reorganization based on the research of foreign present situation.Part II,summarize.First,it introduces the meaning and motivation of the reverse takeover overall listing,and then expounds the meaning and measurement of the financial effect.Finally,it lists the theoretical basis of the reverse takeover overall listing and financial effect.Part III,case analysis.This part analyses the basic situation,process and reasons of CITIC Limited group overall listing.The reason why CITIC Limited take the reverse acquisition of the overall listing is influenced by macroeconomic factors and the company environment.Part IV,finance effect.This part analyzes the market reaction,financial performance,ownership structure and shareholder value.The market reaction mainly through the analysis of accumulated excess returns before and after the announcement date and the key indicators of long-term stock value.Analysis the financial performance from four aspects.And then analyzes the impact of the overalllisting on the ownership structure from the aspects of stock size,stock liquidity and holding ability.Finally,it expounds the influence on the shareholders wealth.Part V,conclude and hints.Based on the case,the conclusion is drawn that the financial performance varies greatly,the ownership structure is optimized and the shareholders' wealth decreases in a short term.And then,from the case some hints are put forward,The state-owned enterprise holistic listing success without the correct guidance of national policy,the feasible scheme of mergers and acquisitions,and effective consolidation measures.After reading a large number of documents,it is not difficult to find that the current academic research on the financial effect of listed companies is mainly focus on convertible merger and private placement,but little on reverse takeover.And most of research adopted empirical analysis but not case analysis.Therefore,this paper take CITIC as a case study can deepen the understanding of overall listing of reverse takeover.If the companies are able to use the method of reverse takeover rightly,it can not only bring the benefits that this paper refer to,but also can improve and promote the development of China's securities market and economy.