Research Of The Impact Of Overall Listing On Corporate Performance

In the process of the reform of state-owned enterprises,the overall listing as one of the important means is welcomed by enterprises.The overall listing is the innovation achievement of China’s capital market.Compared with the spin off listing,it can fundamentally solve the historical problems in the initial stage of China’s capital market,such as related party transactions,horizontal competition,and the lack of independence of the company caused by the spin off of high-quality assets.At the same time,it can optimize the equity structure and enhance the core competitiveness,so as to improve the company’s performance And actively promoted the prosperity and development of China’s capital market.However,since 2004,the first enterprise in China has been listed as a whole successfully,only a decade has passed,and its development is not mature.Domestic scholars have not come to a unified theory on the study of overall listing,and many problems in the process of overall listing still need to be focused.Therefore,this paper analyzes the performance evaluation of the typical cases of the overall listing,in order to enrich the overall listing case study and provide help for the later.This paper combines theoretical analysis with case study,and takes Wanhua Chemical Group Co.,Ltd.(hereinafter referred to as "Wanhua chemical")as the case study object to absorb and merge Yantai Wanhua Chemical Co.,Ltd.(hereinafter referred to as "Wanhua chemical"),the first wholly listed state-owned listed company in Shandong Province,to analyze the impact of overall listing on the performance of Wanhua chemical company.Firstly,on the basis of consulting a large number of documents,this paper summarizes the relevant concepts and theories of the overall listing;secondly,it introduces the case of the overall listing of Wanhua chemical and Wanhua chemical from the aspects of industry background,basic information of the company and the motivation,mode and process of the overall listing;secondly,it introduces and analyzes the impact of the overall listing on the company’s performance,Then using the event study method,the paper analyzes the excess return rate of the company before and after the overall listing,analyzes the short-term market performance of the overall listing,uses the factor analysis method,analyzes the ranking of the financial indicators before and after the overall listing,and analyzes the financial performance of the overall listing.The results show that the overall listing of Wanhua chemical company improves its performance.Finally,this paper gives some suggestions to the companies and relevant government departments that will be listed as a whole in the future.