Research On The Impact Of Overall Listing On Company Value Of GPHL Based On EVA Momentum

Overall listing is a "unique Chinese" model of financial innovation,which as a solution to the problem of internal competition brought by Spin-Off,and it is beneficial to optimize the allocation of resources,improve the company value,arouse the vitality of the company and even promote the effective operation of the Capital Market.Therefore,many state-owned enterprises have joined the wave of overall listing,and have achieved some results.However,the researches of overall listing mainly focused on the impact of the company short-term market performance by a specific model,but lacked of the study on the impact of the long-term value by overall listing.Economic Value Added momentum as an indicator of Economic Value Added,this method can not only evaluate the impact of the overall listing on company value but also can discuss the impact path that the overall listing influences deeply,which in order to remind managers of paying much more attention to the promotional impact on long-term by overall listing.It provide a new idea for the research of impact on the company value by overall listing.This paper takes the GPHL overall listing as an example.Firstly,summarize the domestic and foreign literatures about the influence on corporate value by overall listing,and explain the reason why I use the EVA momentum to explain the impact of overall listing on company value with the applicability and comprehensiveness.Secondly,this paper starts from the basic situation and background of the whole listed interest parties,describes the motivation and process of overall listing on GPHL.Then analyses the impact path from two aspects--internal operational efficiency and market profit efficiency,which broken down into two driving factors by EVA momentum,in order to analyse the influence path of the overall listing in detail,and discusses the creation efficiency improvement of the company value and the trend of changing GPHL overall listing of corporate value based on the evaluated effect.Through the above theory and case analysis,the results are as followed: firstly,EVA momentum is one of the best methods that reach the impact of the overall listing on the company value;secondly,it is found that the overall listing can indeed enhance the company short-term value,rather than supporting the company long-term value's increases,while the reason why GPHL overall listing failed to boost the company value in long--term is the lack of the efficiency,especially the management in operational works.Finally,corresponding suggestions are put forward on how to enhance the value of GPHL after its overall listing.