Study On The Performance Of WuChan ZhongDa Group's Overall Listing

In the initial stage of the capital market,the internal resoures of the market are limited,and the requirements for entering the market are relatively high,which allows a large number of enterprises to split their assets before listing.However,with the continuous development of the economic society and the gradual improvement of the securities market system,the related transactions between the listed subsidiaries and the holding company groups are more and more frequent,and the horizontal competition between the parent and subsidiary companies is becoming more and more serious.The drawbacks of split listing become more and more obvious.Faced with these problems,the overall listing emerged as the times require.With the development of the overall listing,its role is no longer limited to solving the shortcomings of the spin?off listing,more companies are trying to achieve the improvement of corporate efficiency and comprehensive competitiveness through the overall listing.Since 2015,the state and local governments have issued guidance on deepening the reform of state-owned enterprises,clarifying the reform goals of state-owned enterprises,and highlighting the need to create conditions to achieve the overall listing of enterprise groups.In this context,more and more companies have joined the ranks of the overall listing.In this paper,the company will issue new shares to its parent company's property group,reversely acquire the main assets of the property group,and realize the overall listing of the group's main business as the main research object.Based on the analysis examples,the internal theory of the field will be flexibly applied.Study the financial effects of the Chinese market.Firstly,it introduces the research background and research significance of this paper,and reviews the theories put forward by experts in the financial field on the financial effects and market model drivers,which lays a theoretical foundation for the later case studies;then analyzes the examples of-large-scale overall listing of products,focusing on explain the process of overall listing,the motivation of the overall listing and the basic situation of the company.On this basis,study the financial effects of the large overall listing,and carry out specific analysis from the four aspects of stock price effect,scale effect,benefit effect and synergy effect,Using the event research method and financial index analysis and economic value-added method to compare the financial effects of the company,it is found that the event of the overall listing of Wuchan Zhongda Group has a positive stock price effect,and the shareholders' wealth has been greatly increased.At the same time,the company's financial benefits have been greatly improved compared with the overall listing.The main reason is that after the overall listing,the company's business segments are optimized and complemented,reducing horizontal competition and related transactions,expanding the scale effect and enhancing the core competitiveness of the company.Finally,the conclusion of this paper is drawn:Wuchan Zhongda Group's overall listing has obtained a good market response,and the short-term benefits have been improved.Although the financial effect of this study has not been sustained,it has promoted the further development of the eompany to a certain extent.In view of the mixed restructuring of state-owned enterprises and the implementation of the overall listing form,it is hoped that the research in this paper can provide some reference for the development of the enterprises listed in the whole and the case companies in this paper.At last summed up the case study and the other listed companies did not propose the following suggestions:(1)Enterprises should choose the appropriate listing model based on their development status;(2)The enterprise should formulate a practical and reasonable implementation plan before listing;(3)The management agency should increase the approval and create a good market environment.