Research On The Performance Evaluation Of Overall Listing For Shanghai Pharma

By means of the convertible IPO model,TCL took the lead in the country to achieve overall listing in 2004.Since then,a good number of corporations in Chinese capital market started to follow TCL to go public,which reached its peak in 2007.A new round of state-owned enterprises reform has started,particularly with the release of the overall reform proposal of state-owned enterprises in 2015.In March,2010,after the reorganization,Shanghai Pharmaceuticals Holding Co.,Ltd(hereinafter as Shanghai Pharma)became the overall listing company,with its assets of reorganization reaching 30 billion Yuan,and its transaction price amounting to 16.4 billion Yuan.This is the largest case regarding asset reorganization and transaction in China's pharmaceutical industry.This paper adopts reorganization and listing of Shanghai Pharma as the study case,and proposes a comprehensive performance evaluation system for the overall listing of Shanghai Pharma.This paper firstly reviews related domestic and foreign literatures with respect to the overall listing,performance and connections between them,and realize the current situation of the research at home and abroad.Then,it defines and summarizes the related concepts and theories,and major process of the overall listing is expounded.Based on the summary and theory of above literature,the paper sets up a comprehensive performance evaluation system for Shanghai Pharma's overall listing.Taking advantage of the incorporated method of mutation series and entropy,it conducts evaluation via performance of finance,collaboration together with society,makes the vertical contrasts by calculating the data,and analyzes the changing performance conditions before and after its listing.In the paper,the entropy method is applied to endow the index weight to each index,to avoid the influence caused by human factors.Meanwhile the mutation method is applied to holistically analyze and associate the data to obtain the evaluation result of overall performance.Simultaneously the financial data from another two pharmaceutical enterprises are introduced and compared with Shanghai Pharma horizontally to explore the financial effect gaps between the Shanghai Pharma and the two enterprises before and after the listing,the links between overall listing and financial performance improvement is strengthened.The above research indicates that the overall listing has exerted positive influence on the improvement of the company's performance.However,in the long term,the data of collaboration performance has decreased slightly.Finally based upon the performance of Shanghai Pharma's overall listing and the affecting factors,the suggestions are made for reference.