The Motivation And Performance Analysis Of Overall Listing

In the early years of China's capital market,based on the situation of the capital market and the quality of the assets of the enterprise itself,it is often spin off the Group company's high quality assets to complete the listing of financing.However,with the development of the capital market,the drawbacks gradually appear.In order to solve these problems,the overall listing as an innovation has been put forward,since 2004 the TCL's overall listing,more and more large companies in order to solve the problems before use the overall listing model.The State Council,the SASAC has repeatedly issued documents to support the overall listing behavior.The academic circles also have been arguing about the effect of overall listing model for a long time.In this paper,Harbin Pharmaceutical used the private placement to reverse takeover the assets of its group company to completing the overall listing.The paper is divided into four parts.First of all,this paper analyzes the background and significance of the research,and summarizes the previous research.Secondly,this paper summarizes the related concepts and the motivation of the overall listing,analyzing the common patterns and their characteristics.Then,the Harbin Pharmaceutical overall listing's background and motivation are summarized and introduced.At last,the paper makes a detailed analysis of the case,and summarizes the problems existing in the overall listing.The case analysis is mainly divided into four parts: the use of event study method for the overall listing's announcement effect;using the principal component analysis method based on financial indicator to measure the financial performance of the overall listing;a detailed analysis using the specific financial indicators before and after the overall listing to evaluate the specific performance of the listing;at last,related party transactions before and after the overall listing,competition and ownership structure are analyzed.This chapter's detailed analysis of Harbin Pharmaceutical Group overall listing lays the foundation for the next chapter.Based on the case analysis,we believe that there are problems in the Harbin Pharmaceutical Group' overall listing.Firstly,the injected assets and the original asset's correlation is not very strong and no relationship between industry chain,The production line between the assets are also highly overlapped,so it is very difficult to achieve synergy effect through the overall listing;secondly,horizontal completion had been solved after the overall listing but the speed of corporate integrity was very slow.so we did not find significant performance promotion;last but not least,we highly doubted the clarity of the motivation of this overall listing.In the final part of the article,according to the problems in the overall listing of Harbin Pharmaceutical corporate,we forward some suggestions,including perfecting the governance structure,solve the dominance behavior and accelerate the speed of integration as soon as possible.The reform of state-owned enterprises is a process of deepening,the overall listing as an important step in the reform of state-owned enterprises is also a progressive process such as Harbin Pharmaceutical Group its self.After the overall listing,only to continue to change and upgrade the product structure,enhance their R & D capabilities,to meet the needs of the market,then the corporate itself can maintain its leading position in the industry.