Research On The Overall Listing Performance Of State-owned Enterprises

In the initial stage of Chinaundefineds capital market development,due to the "quantity restriction" of the size of stock issuance and the "qualitative restriction" of the management performance of the enterprises to be listed,Most state-owned enterprises access capital markets by splitting high-quality assets within the group into separate listings.In the specific period of Chinaundefineds economic development,this system can effectively convert social idle funds into enterprise capital,give full play to the financing function of capital market,and win valuable development funds for the development of state-owned enterprises.However,the split listing has also brought adverse effects,mainly because the division of the industry chain leads to related transactions and competition,and the interests of minority shareholders are threatened.At the same time,frequent related transactions reduce the independence of the company,and the competition among peers results in the internal loss of resources.If these disadvantages can not be solved,the development of listed companies and capital markets will be hindered.When government regulators seek solutions,they find that holistic listing is an effective way to solve the above disadvantages.After the successful implementation of TCL in 2004,the capital operation has gradually entered the vision of enterprises.At the same time,the continuous improvement of the capital market system has created conditions for the overall listing.The share-trading reform that began in 2005 has balanced the interests of shareholders.Major shareholders pay more attention to the value of enterprises in the secondary market than before the reform.In order to increase the value of listed companies in the secondary market,the desire of major shareholders to achieve this goal through bigger and stronger enterprises is stronger.In addition,the government regulatory authorities have successively issued policies to encourage enterprises to conduct overall listings,making the overall listing favored by enterprises.Since the 18 th National Congress,a new round of state-owned state-owned enterprise reform has become a key topic in the economic field.As one of the means of reform of state-owned enterprises,the overall listing has once again received the attention of enterprises,and has begun to brew the overall listing.The overall listing has experienced more than a decade of development.More and more state-owned enterprises have joined the overall listing team.How will the performance of the company change after the overall listing? In order to answer this question well and provide reference for the subsequent implementation of the overall listing of state-owned enterprises,this paper will select Huayi Group,which completed the overall listing in 2015,as a case study.Based on the definition of the overall listing,performance and overall listing model,this paper selects the Huayi Group,a state-owned enterprise that completed the overall listing in 2015,to conduct research on the impact of overall listing on corporate performance,trying to answer the following two.Questions:(1)How the performance of the company changes after the overall listing;(2)How does the overall listing affect the performance of the company? This paper firstly interprets the overall listing plan of Huayi Group,and then uses the event research method to analyze the impact of the overall listing announcement on its short-term market performance,and uses the financial indicator method to analyze the changes in the long-term financial performance of the overall listing.The Group's implementation of the overall listing has improved its short-term performance.Finally,from the formation of scale advantage,the integration of industrial chain,the mitigation of related transactions and the reduction of horizontal competition,the impact mechanism of overall listing on performance is analyzed.The main contributions of this paper are as follows:(1)the event study method and the financial index analysis method are used to reflect the performance of the enterprise in an all-round way.(2)the related theory of the whole listing is combined with the specific case of Huayi Group.Analysis of the impact of overall listing on corporate performance mechanism.(3)the study of Huayi Groupundefineds overall listing enriches the research content of chemical industry listing as a whole.