Research On The Overall Listing Performance Evaluation Of Anhui Construction Engineering Group

In the 1980 s,China's economic system reform started in an all-round way,and the capital market was in its infancy.Because of the limited capacity of the initial capital market,enterprises can only go public through the combination of "examination and approval + quota" adopted by the regulatory authorities,which forced most of the state-owned enterprises that did not meet the conditions to separate their outstanding assets for listing,although it played a role in the development of the early capital market.It has played a positive role,but the drawbacks of the split listing related transaction and the competition among the same trades are gradually exposed.Holistic listing of group companies can solve these problems fundamentally,and can improve the company structure,optimize the allocation of resources,thereby improving company performance.Therefore,it is of research value to evaluate and analyze the performance of enterprises listed as a whole.This paper takes the overall listing of Anhui Construction Industry Group as a case study,and constructs a performance evaluation index system for the overall listing of Anhui Construction Industry Group.The first chapter introduces the background and significance of the research,combs the literature review of the overall listing model and motivation,and the impact of performance evaluation,and comments on the current research situation;the second chapter introduces the related concepts of the overall listing,performance evaluation and the overall listing model and the basic theory used in this paper;the third chapter is the general situation of the overall listing of Anhui Construction Group,including participation.The fourth chapter constructs the performance evaluation index system according to the relevant literature and theory,and introduces the commonly used evaluation methods and the methods selected in this paper.The fifth chapter evaluates the performance of the overall listing of Anhui Construction Industry Group.(1)Determine the event window period and calculate the excess cumulative return rate by using the event study method.To evaluate the short-term market performance,(2)Use the mutation series method to rank the importance of the relevant indicators,from the enterprise financial performance,management synergy performance,business synergy performance and social performance evaluation,analysis of Anhui Construction Industry Group overall listing events before and after the five-year long-term comprehensive performance changes;Finally,the overall listing performance evaluation results are analyzed,and put forward relevant.Suggestions;Chapter VI is the conclusion and shortcomings of the study.The results show that the overall listing has not improved the short-term market performance of Anhui Construction Industry Group,but has significantly improved the medium and long-term comprehensive performance,especially the financial performance and social performance.Overall,the overall listing has a positive impact on the performance improvement of Anhui Construction Industry Group.This study uses literature analysis,case analysis,event study and mutation series method to evaluate the performance of Anhui Construction Industry Group's overall listing and make recommendations based on the results,which is of great significance for the relevant stakeholders of Anhui Construction Industry Group to make correct decisions and realize the benign development of enterprises.However,the overall listing of Anhui Construction Industry Group is more complex,some internal information can not be obtained,the number of years disclosed after listing is less,and the performance changes before and after listing can not be compared in depth.The selection of performance evaluation indicators needs to be improved.These will be supplemented and improved in the future research.