Research On Financial Performance Of State-Owned Enterprises Overall Listed

Through the Guiding Opinions on Deepening the Reform of State-owned Enterprises,the State Council made it clear that we should continue to promote equity reform and support group companies to achieve overall listing.Through the relevant documents,SASASAC emphasizes that China should speed up Equity Reform and help state-owned enterprises to achieve the overall listing.Whether the overall listing has a positive impact on the financial performance of state-owned enterprises and whether it can promote the sustained and healthy development of state-owned enterprises requires our in-depth study.This paper takes Guangzhou Automobile Group(referred to as " GAC Group ")as an example to analyze the financial performance of the overall listing of GAC Group.Firstly,the article defines the related concepts of holistic listing,collates the theoretical basis of holistic listing and the research trends at home and abroad;systematically combs the whole listing process of GAC Group and explores the motivation of holistic listing from both internal and external aspects;secondly,it takes the event study method to analyze the short-term financial performance of holistic listing as the entry point of the article's financial performance research,and then uses grey theory.The method of color correlation analysis is used to study the effect of long-term financial performance in both horizontal and vertical aspects,and the conclusion of GAC Group's overall listed financial performance is drawn.Based on the empirical analysis of the short-term financial performance of GAC Group,the following conclusions are drawn: the market performance of GAC Group has been improved twice in the window period,which indicates that the Hong Kong stock market has a positive attitude towards the future expectation of GAC Group's overall listing,and that the overall listing event has a positive impact on the development of GAC Group;and the following conclusions are drawn from the long-term financial performance study of Guangzhou Automobile Group's overall listing.Conclusion: The overall listing has a positive impact on the long-term financial performance of GAC Group.Longitudinal analysis shows that the profitability and solvency indicators of GAC Group rebound after the overall listing,and the growth ability fluctuates after the overall listing,which shows that the overall listing has brought about an improvement in financial performance.Horizontal analysis results show that in the initial stage of the whole listing,the impact on profitability and growth ability is insufficient.The profitability and growth ability of the whole listing in the 4TH-5TH year surpass that of the non-whole listed automobile state-owned enterprises.After the overall listing,the solvency of the state-owned automobile enterprises has been rapidly improved and has been catching up with the non-overall listing.The overall listing has a positive impact on financial performance.Finally,on the basis of the above conclusions,the article finally draws inspiration from the case study of GAC Group's overall listing,hoping to provide valuable reference for other enterprises preparing for the overall listing.