| In the course of the development of China's capital market,due to the limited initial market capacity and other constraints,most of the listed companies in China have chosen to spin off the market.After more than two decades of development,the disadvantage of this model have gradually emerged.There have been a large number of connected transactions between listed companies and holding groups,competition in the same industry,the scale effect of the overall enterprise can not be effectively demonstrated,and the competitiveness of enterprises not strong and so on.With the completion of the reform of the equity division,the overall listing has been introduced and adopted more and more in China's capital market.Since the first overall listing of TCL Corporation in 2003,more and more companies have abandoned the spin-off listing,and have conducted different explorations and innovations in the overall listing model,and achieved certain results after the listing.Based on this background,this article selected Midea Group as a case,organized the related concepts and theories of the overall listing,analysis and study of the situation before and after the overall listing of Midea Group From the perspective of financial effect.Using methods such as financial indicator analysis and event research,this article made a comparative analysis from financial ability,corporate value,and synergy.Through research,it has been found that overall listing can bring positive effects in these aspects,and promote the later development of the company.However,for the overall listing,there are still many issues that need to be explored such as the replicability of the model,the sustainability of the effect,and the improvement of the system.This article summarizes and analyzes the success of Midea Group's overall listing,and puts forward some related suggestions.It is hoped that through the analysis of this case,it can provide some references and ideas for the overall listing of other companies. |
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