Research On The Impact Of Private Placement Of Overall Listing On Corporate Performance

From the initial launch of the overall listing in 2004 to the split share reform in 2005,and to the present,a large number of listed companies are listed as a whole to complete capital integration in the capital sense.The overall listing has solved the problems of the related parties' interest transmission and the same industry competition brought by the previous split and listing,and better integrated the enterprise resources.Therefore,it has not only attracted the attention of the government and the investors,but also became a hot issue in the academic circle.But in the past academic research,the research object is mainly focused on the motivation and mode of the overall listing,lack of the impact of the overall listing on the performance of the enterprise and the systematic consideration of the subsequent impact.Even if there is,it is also the analysis of the individual level,and the lack of the comparison and deep exploration of the data.Therefore,on the basis of the previous literature and combining with the situation of China's capital market,this paper first makes an empirical study on the overall listing performance under the Orienteering mode,and then according to the empirical results,selects a case to analyze the impact of the overall listing on the enterprise,which has a good effect on understanding the overall listing effect and improving the overall listing effect.Significance?At present,there are three main ways of overall listing,namely,merger,exchange IPO and private placement.Therefore,this paper selects the enterprises in China from 2011 to 2014 as a sample of the successful implementation of the overall listing,and studies the performance of the market,the two years and the five years' operating performance during the announcement period.First of all,through the case study,the market performance of 10 days before and after the announcement of the sample enterprise is analyzed,and the overall listing has a significant impact on the performance of the enterprise market.The factor analysis method is used to analyze the two years before and after the announcement of the sample enterprise and the performance system of the year.It is concluded that the overall listing has a significant impact on the business performance of the enterprise in the short term,but the long-term impact is not significant.Secondly,based on the empirical study,take SAIC Group as a case,through the comprehensive analysis of the financial and non-financial indicators to increase the actual impact of the overall listing on SAIC Group,find out the reasons for the overall listing of the business performance is not significant.The study shows that the IPO is beneficial-to both market performance and business performance,but it is not significant in the long run.Based on the above research,specific suggestions for related aspects are put forward.