| With the deepening of Chinese economic structural adjustment and system reform,the reform of state-owned enterprises has also accelerated.Since 2005 the state has promulgated relevant policies,and encouraged the listed companies of state-owned holding to be backdoor holistic listing.In recent years,the process of state-owned enterprises' s reorganization and merger has been speeded up,and the backdoor holistic listed of state-owned enterprises has also increased.The State-owned Assets Supervision and Administration Commission of the State Council has made great efforts to speed up the reform of shareholding system and energetically promote the state-owned enterprises to be holistic listing.Whether this way can improve the company's productivity,how much it can improve,whether it will bring long-term effect,and whether it is effective for all businesses,these issues need us to study.This paper takes competitive state-owned Greenland Holding Group Co.,Ltd.(as “Greenland Group”)as an example to analyze the overall financial performance of the Greenland Group after it had been holistic listing.This article begins with the related concepts and basic theories of the backdoor holistic listing,hackles the relevant literatures,and then analyzes the background of the Greenland Group,the motivation of the backdoor,and the model of the listing.In particular,the event method is mainly used in market response and market performance analysis.Using Du Pont system and EVA to analyze Greenland Group's the long-term and short-term financial performance.This paper will also select a non-profit state-owned enterprise as a comparative sample,and also adopt the same analysis methods to analyze the overall performance before and after the overall listing,to explore whether the overall listing is applicable to all enterprises,to explore the overall listing of the competition Whether the impact of short-term and long-term performance brought by the state-owned and non-profit state-owned enterprises is positive or negative.Through the study of Greenland Group's backdoor listing of Jinfeng Investment,it can be seen that,as a competitive state-owned company representative of domestic real estate leading enterprises,Greenland Group's market performance has been significantly improved both before and after the announcement of the overall listing event,and competitive SOEs have passed the whole Listing,can achieve better performance,and the overall listing event has a positive impact on competitive state-owned enterprises;and through the analysis of China Unicom's integration of Netcom's re-listing,it can be found that public-sector state-owned enterprises,one of the three largest telecommunications companies Representatives,China Unicom's short-term market performance before and after the announcement of the overall listing event has not been significantly improved,and the operating performance has been deteriorating,resulting in no financial synergies.Through comparative analysis,this paper draws the following conclusion: Compared with competitive state-owned enterprises,compared with non-competitive state-owned enterprises that provide public goods,non-competitive state-owned enterprises,the coordination effect and scale benefit brought by the overall listing as a competitive state-owned enterprise are in the pillar industries.Or basic industries,their own companies have economies of scale,high industrial concentration of monopoly state-owned enterprises are not motivated.On the contrary,due to the enormous expansion of the company's scale,the management of the company has become complicated,and the impact of the overall listing event on non-profit state-owned enterprises is not significantly positive,and even has negative and negative effects.Finally,this paper discuss the significance of the backdoor holistic listing of competitive state-owned enterprises greenland group about the state-owned enterprises' mixed reform and the real estate enterprise's backdoor listing. |
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