The Research On Financial Synergies Of Holistic Listing In Wuchan Zhongda Group Co.,Ltd.

At the initial stage of the development of China's securities market,some enterprises will choose to spin off and list superior assets.However,with the development of China's capital market,the disadvantages of spin off and listing are gradually exposed,resulting in the overall application of listing.Nowadays,more state-owned enterprises improve their business performance and operating efficiency by means of overall listing.As the first provincial enterprise in Zhejiang province to implement mixed-ownership reform and holistic listing,Wuchan Zhongda Group Co.,Ltd.has the external environmental factors endowed with enterprise reform by the industry.In 2015,Wuchan Zhongda Group Co.,Ltd.completed the mixed-ownership reform and achieve Holistic Listing,which is one of the 12 samples of state-owned enterprise reform in China.In this paper,Wuchan Zhongda Group Co.,Ltd.is taken as a case for in-depth study in order to provide a useful reference for the transformation and development of state-owned enterprises.This paper studies the financial synergy of the whole listing from the perspective of finance and enterprise value by combining theory with case.This article first elaborated the research background and significance,and reviewed the scholars to the holistic listing and financial synergies related research,then introduces the overall listed the related concepts and theories of financial synergies,Wuchan Zhongda Group Co.,Ltd.case whole appears on the market coupled with the products,from a profitability analysis,asset turnover ability analysis,the expected effect,financial risk dispersion of stock,the festival tax effect five aspects,to join the vertical comparison and horizontal comparison,the realization of the holistic listing of the enterprise financial synergy effect is evaluated,and with the help of EVA economic value added from the perspective of enterprise value to evaluate the effect of the whole appears on the market.Aiming at the realization effect of financial synergies,this paper studies the path of the holistic listed financial synergies.From three aspects of improving capital gains,reducing capital costs and generating comprehensive synergies.Finally,on the basis of the previous research,the paper draws a conclusion and enlightenment.Through the analysis of the case,this paper believes that the holistic listing of Wuchan Zhongda Group Co.,Ltd.has achieved good financial synergies,and through the study of the path to achieve financial synergies,the following enlightenment is obtained:(1)the selection of the appropriate path,the introduction of high-quality assets is the necessary prerequisite for financial synergies;(2)improving capital gains and reducing capital costs are important ways to achieve financial synergies;(3)attaching importance to resource integration and controlling financial risks is an effective guarantee to exert financial synergies.This paper aims to promote the holistic listing process of state-owned enterprises,so as to provide reference for state-owned enterprises to select their own listing mode and operation in the holistic listing process.It is also hoped that the successful case of the listing of Wuchan Zhongda Group Co.,Ltd.as a whole will help enhance the confidence of other state-owned enterprises and promote the reform process of state-owned enterprises.