A Study On The Impact Of Overall Listing On Enterprise Value In The Mixed Reform Of State-owned Enterprises

Since the concept of mixed economy was proposed in the 1990 s,China has continuously promoted the economic system of mixed ownership.The Third Plenary Session of the Eighteenth Central Committee in 2013 proposed to further actively develop a mixed ownership economy and clarified its development direction.With the continuous introduction and improvement of the reform plan,the overall listing as one of the main methods of mixed reform of state-owned enterprises has been favored by enterprises.Compared with the spin-off listing in the initial stage of the market,the overall listing is a more optimized and healthy listing method.The overall listing can be regarded as the controlling shareholder integrating most of the assets into the listed company in various ways to achieve the company The process of listing the main business,that is,the restructuring and listing of the group's main operating assets and businesses.In this paper,after sorting out relevant theoretical concepts and summarizing relevant literature and materials,the research form combining theoretical analysis and case analysis is adopted,and a representative state-owned enterprise,Huadong Construction Group Co,Ltd,which is a representative state-owned enterprise,is selected from the mixed improvement process and the overall listing model is listed.Co.,Ltd.(hereinafter referred to as "Huajian Group")as the research object,Huajian Group backdoored Shanghai Lengguang Industrial Co.,Ltd.(hereinafter referred to as "Lengguang Industrial")on October 30,2015,and completed the restructuring and listing on the Shanghai Stock Exchange..This article first briefly introduces the companies of the two parties,and secondly analyzes the background,motivation and specific process of the overall listing of Huajian Group,and studies and analyzes the impact of the listing on the company's value from the two dimensions of financial indicators and non-financial evaluation indicators.By analyzing the financial data and indicators from 2014 to 2018,it can be found that the overall financial situation of the company after the company's listing has improved significantly,its profitability,growth ability,operating ability and debt repayment ability have been significantly improved.Non-financial evaluation indicators such as governance structure,shareholding structure,information disclosure,etc.also have a favorable impact;finally,the conclusion and related enlightenment that the overall listing has a positive impact on corporate value are summarized.This paper hopes to provide a valuable reference for further deepening the research on the value of the mixed ownership reform of state-owned enterprises.