The Analysis On Financial Performance Of Overall Listing Of Absorption Merger In Wuchan Zhongda Group CO.,Ltd

In the early stage of China's capital market,some companies chose to spin off their high-quality assets for listing.The disadvantages of spin-off listing with the growing of the securities market has become very obvious.Since 2004,China's securities market through the overall listing of ways to deal with the drawbacks of spin-off listing.On the one hand,the restrictions on the circulation of large shareholders' shares can be lifted,and unlisted assets are integrated into listed companies driven by the premium effect.On the other hand,the SASAC and other regulatory authorities introduced the relevant policies to vigorously promote the overall listing of the company,the overall listing became very popular in the capital market.Relatively speaking,the overall listing in China's securities market is still relatively new,and there are few samples that scholars can use for long-term research.Therefore,there are few researches on the impact of the overall listing on financial performance in China.Instead,the research focuses mainly on the specific discussion of cases or models.Most of them is a study of short-term market performance and the performance of the overall listing of the year.The results of most scholars in China show that there has a positive market response to the overall listing in terms of short-term market performance,and many studies have also found that performance will be improved in the year of overall listing of listed companies.However,the long-term performance has little discussion and conclusions are different.The thesis has five parts: The first part is the introduction,which mainly analyzes the research background and significance of this thesis,the domestic and foreign literature research,research ideas and means and article framework.The second part is overview the theory of financial performance of enterprise group's absorption merger and overall listing.It's the theoretical part of this thesis,including the concept and purpose of absorption merger,the concept introduction of the spin-off listing and overall listing,the financial performance evaluation method and index system and theoretical basis for the overall listing of absorption merger.The third part is the case profile of overall listing of absorption merger in Wuchan Zhongda Group CO.,Ltd.It is the case introduction part of this article,mainly introduces the basic situation of the overall listing of related parties,the motivation of overall listing of absorption merger in case company and its overall listing of the program design and implementation process.The fourth part is the effect of the financial performance of overall listing of absorption merger in Wuchan Zhongda Group CO.,Ltd.It is the case analysis part of this article and the focus of the full text,including the influence of overall listing of absorption merger on the value of the shareholders and asset quality,and the financial performance comparison of case company in the overall listing before and after.The fifth part is the conclusions and implications.Through the analysis,this paper summarizes the following points:(1)the introduction of high quality assets is the prerequisite for improving profitability and competitiveness,(2)the scientific and operable plan is the safeguard of the overall listing success,(3)optimizing integration and regulating management are the means to achieve the overall listing target.On this basis,the following implications are made for the regulatory authorities and the enterprises that to be listed:(1)based on the actual situation of enterprises to choose the appropriate listing model,(2)Reasonable and feasible program to facilitate the success of overall listing,(3)regulatory authorities to increase the intensity of approval process to regulate the overall listing process,(4)improve corporate governance and accelerate the establishment of modern enterprise system.Based on the above study,combined with the theoretical and case analysis,this article explores "The Impact of Overall Listing on Corporate Financial Performance".In the light of reading relevant literature,the essay studies the motivations and modes of the overall listing and the overall listing financial performance evaluation by means of the corporate control theory,the scale effect theory and the synergistic effect theory.In the case analysis section,the selection is overall listing of absorption merger in Wuchan Zhongda Group CO.,Ltd,on the basic of introducing the basic situation of the related parties of the Company,the motivations of overall listing of absorption merger and the design and implementation of the program,analysis the financial performance of overall listing.