Study On The Market Effect And Financial Performance Of The Whole Listing Of State

At the end of last century in China securities market has just set up,because the market is small,the enterprise's own bad assets,unable to meet the listed requirements,most enterprises adopt to spin off part of the high quality assets to form a child the way of the listed enterprises,is China's famous "spin off listing" listed model.In the market conditions of the 1990 s,this mode met the urgent demand of state-owned enterprises for capital,which was to a large extent conducive to the development of enterprises in the environment at that time,and was extremely effective for the development of China's securities market and social economy.With the further development of the national economy,the disadvantages of spin-off and listing gradually become prominent,which has formed certain restrictions on the further development of enterprises.The sub-enterprises transfer their inferior assets to the group enterprises at a high price,which makes the group become a "trash can".Having the same or similar business or demand with a group enterprise or other sibling enterprises,there is a lot of horizontal competition.Group companies often misappropriate part of the funds of listed subsidiaries,or illegal guarantee cases.In order to solve the disadvantages of spin-off and listing,Chinese enterprises actively explore the solution path.At the end of 2003,TCL group of sichuan province successfully explored the whole listing of corporate assets,and obtained huge political and economic benefits.The whole listing gradually entered people's vision and was recognized by more and more enterprises.Compared with the spin-off and listing,the overall listing of group enterprises was more suitable for China's economic situation and securities market at that time.From the enterprise level,the listing of all assets or main business of the group as a whole can not only reduce the related party transaction and the situation of horizontal competition,but also help enterprises concentrate superior resources to improve the core competitiveness of products and corporate performance.From the perspective of the securities market,it is an excellent method to make up for the disadvantages of separation and promote enterprises to enter a new chapter,so as to effectively promote the development of the securities market.As a unique listing mode in mainland China's securities market,it has effectively promoted the continuous development and growth of mainland China's securities market.The overall listing approach has been selected by more and more enterprises to solve the disadvantages of splitting and listing.Wide medicine group,2013(in the same year 8 month later renamed the baiyun mountain,the code is 600332,this paper elaborates the "guangzhou pharmaceutical group")should be used in choosing guangzhou pharmaceutical industry as a public platform,with a share swap absorption merger of baiyun mountain for all assets and liabilities and consider buying wide medicine group assets,and then apply for the other listed companies baiyun mountain in the shenzhen stock exchange retreat city,so as to realize enterprises listed as a whole.The overall listing of GFC has become the first listed enterprise in China to be involved in the stock markets of Shanghai,shenzhen and Hong Kong,which provides certain reference for other enterprises with similar conditions.This paper adopts the event study method and financial index method to study and analyze the long-term and short-term market effect and financial performance before and after the listing of GFC in 2013.Firstly,the short-term market effect and long-term market effect of GFC are analyzed by using excess return rate and cumulative excess return rate.Secondly,the financial performance of GFC is analyzed by comparing the corresponding financial data indexes of GFC's operating capacity,debt paying ability,profitability and growth ability before and after the listing of GFC and the average of the pharmaceutical industry.Thirdly,based on the analysis data,the relevant conclusions of this paper are drawn.And obtained the enterprise whole listing enlightenment;The shortcomings of this paper and the prospect of future scholars are put forward.