Research On The Influence And Effect Of Midea Group's Overall Listing On Corporate Governance

China's early securities market has capacity restrictions,and the requirements for corporate qualifications are relatively high.As a result,some enterprises have split up some high-quality assets for listing in order to meet the requirements of the regulatory authorities for scale and profitability.Although this approach provided high-quality assets for the securities market at that time,it provided a financing channel for listed companies.However,it also left a series of corporate governance issues such as horizontal competition between the parent company and listed subsidiaries,a large number of related party transactions suspected of encroaching on the interests of small and medium shareholders,and listed companies providing illegal guarantees to controlling shareholders.In order to reduce these drawbacks,more and more listed companies choose to go through the overall listing,promote the integration of internal and external resources of enterprises,and improve the corporate governance structure of enterprises.This paper combines theoretical analysis with case studies to explore the core issue of "the impact of overall listing of the Midea group on corporate governance".Firstly,through reviewing the literature on the whole listing,we can find out from the existing research whether the overall listing can improve the overall performance of corporate governance and how it can be affected.Can the overall listing reduce connected transactions and whether the overall listing can improve financial performance?Secondly,this paper analyzes the impact mechanism of overall listing on corporate governance structure from three aspects:equity concentration,internal governance structure and listed shares.This paper believes that the overall listing helps to avoid a monopoly phenomenon,regulate the behavior of major shareholders,and make the ownership structure more diversified;the overall listing affects the internal governance structure by affecting the number of independent directors and optimizing the composition of board members;The overall listing has introduced institutional investors and public investors through private placements or public issuances,which has changed the proportion and shareholding of listed shares.In order to further study how the overall listing of the motives for improving the corporate governance structure affects connected transactions and financial performance,therefore,based on the overall listing of the role of corporate governance structure,and from the connected transactions and financial performance analysis the corporate governance effect of the overall listing.Finally,this paper analyzes the overall listing cases of Midea Group,compares the changes of corporate governance structure indicators,connected transactions and financial performance before and after the overall listing,and further studies whether the overall listing of enterprises can improve the level of corporate governance and its impact.At the same time,how to affect the connected transactions and financial performance.Midea Group has exchanged and merged the Midea Electrical Appliances,which is the first private home appliance enterprise to successfully implement the overall listing in the country.This case has far-reaching significance.It studies the impact of the overall listing of the Midea group on the governance mechanism and the corporate governance effect of the overall listing.It can provide experience for companies that intend to adopt the same model in the future.Through the analysis of the overall listing case of Midea Group,the paper draws the following conclusions:First,the overall listing has indeed improved the corporate governance of Midea Group.Second,the corporate governance effect of Midea Group's overall listing is positive.Third,the overall listing for improving corporate governance motives can significantly reduce connected transactions and improve corporate financial performance.