Study On The Performance Of WuChan ZhongDa Group's Overall Listing

In the early stage of development,China's capital market has very limited capacity and has a high market entry threshold.Many companies spin off high-quality core assets for spin-off.However,with the continuous improvement of the capital market,the sequelae of frequent non-fair related party transactions,severe competition in the industry,difficulty in showing corporate synergy effects,and economies of scale are gradually exposed.In order to solve these problems,the overall listing will be applied.With the development of the overall listing,its role has not only stayed on the drawbacks of resolving split-listing.Today,more and more companies are trying to improve the operational efficiency through the overall listing to improve the company's performance and comprehensive competitiveness.In recent years,overall listing has been the main method for the mixed restructuring of state-owned enterprises.Both national and local governments have issued series of policy guidance and promoted the development of overall listing.In this trend,more and more group companies have joined the wave of overall listing.In this context,this paper selects the first case study of the first company to complete the overall listing of the mixed ownership reform in Zhejiang Province,and uses the theory and case method to study the performance of the overall listing.First of all,review the domestic and foreign scholars on the overall listing of the motivation,model and the impact on the performance of the research results,the overall listing related concepts and theoretical basis to sort out a theoretical basis for the latter case study,and then,the basic situation of the large overall listing of the case of the introduction and analysis,package.It includes the basic situation of the two sides,the whole process of listing,the motivation and the reasons for the selection of the model.Then,it analyzes the performance of the big overall listing in the three aspects of the market performance,financial performance and non-financial performance,and analyzes the impact path of the overall listing on the performance.Using the method of event study,it is found that the overall listing brings positive market effect to the enterprise and brings the excess profit to the shareholders.The financial index law and the EVA economic added value analysis results show that the financial performance has also been improved,but the cost control and the total asset operation efficiency need to be further strengthened;the non-financial performance aspects are done.The industry has stronger competitiveness and influence,higher staff quality and better corporate governance.As a whole,the overall competitiveness of the enterprises is enhanced through the emergence of scale and synergy effects,the elimination of competition in the same industry,and the reduction of related transactions.Finally,according to the case study of the previous article,we can draw some inspiration: the enterprise should pay attention to the choice of the timing and mode of the overall listing;strictly control the quality of the injection of assets;continue to strengthen the integration of the resources after the whole listing;do a good job of preventing the risk of the overall listing;meanwhile,the regulatory authorities should strengthen the guidance and supervision.Through the case study of the big overall listing in the product,we try to provide some reference and reference for other listed companies and related supervisors,and contribute to the healthy development of the whole listing.