Research On The Impact Of Overall Listing On Enterprise Performance

In recent years,due to changes in China's economic development,institutional reforms have also been continuously adjusted,and mixed ownership reform is an important measure.The state strongly encourages the implementation of mixed ownership reform of state-controlled listed companies through overall listing.In recent years,there have been more and more cases of state-owned enterprises undergoing mergers and acquisitions,and a considerable proportion of them have completed the overall listing.The National Asset Management Committee also vigorously advocated the overall listing of state-owned enterprises in the context of relevant policies issued by the state.Whether the overall listing can improve the efficiency of the company and how much it can be improved is only a short-term effect,and whether it is effective for all enterprises.These are the problems we need to study.For the analysis of China's enterprise reform,it is extremely important to study the overall listing of state-owned enterprises.Greenland Group is a large-scale real estate company under the control of the Shanghai State-owned Assets Supervision and Administration Commission.It has been a member of the world's top 500 for many years.Since its inception in 1992,the company has undergone several reforms to combine employee shareholdings and partnerships in an innovative manner in the context of state-owned holdings.In 2015,under the promotion of the Shanghai State-owned Assets Supervision and Administration Commission,Greenland Group completed the overall listing through the investment of Jinfeng Investment.The overall listing is an important milestone.Before this,Shanghai has never had such a large-scale reform case in the field of state-owned assets.I first summarized the research results of the overall listing in the domestic and international theoretical circles,such as the motivation of the overall listing,the mainstream model of the overall listing and the impact of the overall listing on performance.After that,a brief introduction to the relevant theories involved in the article is given.Then return to the specific case of Greenland Group's overall listing,and briefly introduce the parties,namely Greenland Group and Jinfeng Investment.After introducing the motivation,model and transaction process of the overall listing of Greenland Group,it analyzes in detail how the overall listing has its impact on its performance.Then the performance is divided into two major aspects: market performance and financial performance.For market performance,the event research method is adopted,that is,the impact of this event on stocks is studied,and abnormal returns and cumulative excess returns are calculated.From the results of the relevant indicators,after the overall listing,the market is generally optimistic about the Greenland Group,which has a positive impact on market performance.To study financial performance,there are several key indicators that are profitable,operational,debt repayment and growth.The specific indicators were analyzed separately.After analysis,it was found that Greenland Group had a slight improvement in profitability;its operational capability has not been fluctuating,and it has not been seen to improve;the solvency is long-term solvency and short-term debt repayment.The two components of the capacity,that is,the long-term solvency of interest protection ratio is significantly increased,but at the same time the asset-liability ratio is also continuously listed,increasing the financial risk of the enterprise,the short-term solvency has not improved significantly;Generally,it is almost the same trend as the industry.Finally,starting from non-financial indicators,we will look at the overall strength ranking of Greenland Group in recent years.Overall,the overall listing did not have a significant performance improvement on the green space and explored the reasons.After analysis,it is concluded that the Greenland Group has insufficient integration of mergers and acquisitions,the country's controlling share is still too large and the main business capability is weak,and relevant suggestions are put forward according to the problems.We need to look at the overall listing of Greenland Group from many aspects.There are both highlights and deficiencies.For example,it is worthy to be sure that the employee stock ownership will be converted into a limited partnership and the use of backdoors to complete the overall listing is worthy of recognition.The overall effect afterwards is generally worth reflecting.Through the research on the overall listing of Greenland Group,it is expected to provide reference and reference for the reform ofrelated enterprises.