Research On The Performance Of China Merchants Shekou's Stock Exchange To Absorb The Overall Listing

With the needs of China's economic development,the domestic capital market needs to be reformed to a certain extent,and state-owned enterprises need to continuously deepen the reform objectives of state-owned enterprises and gradually improve their governance in line with the current trend of The Times.In recent years,in order to achieve the goal of mixed reform,some state-owned enterprises will reintegrate resources and expand financing channels by listing on the whole.At the same time,it also provides an opportunity to solve the problems in the b-share market.Thus,China merchants shekou issued A shares in shenzhen stock exchange on December 30,2015.At the same time,A and B shares of China merchants real estate were absorbed and merged by the company.Finally,the overall listing was completed to reintegrate resources and solve the remaining problems of B shares.This is also the first time in the capital market in the non-listed companies to exchange shares to absorb the merger of the listing of the innovative hybrid plan,in that year received widespread attention.The particularity of the real estate industry is highly susceptible to the influence and guidance of national policies,and academic researches are mostly focused on the analysis of the advantages and disadvantages of macro policies,without more in-depth discussion and analysis of the performance of micro enterprises.Therefore,this paper selects the case of China merchants shekou's stock-for-stock absorption and listing,conducts a profound analysis on the implementation of the overall listing plan,discusses the impact of the overall listing on enterprise performance,and at the same time provides some reference Suggestions for similar state-owned enterprises to solve the b-share problem or how to conduct the overall listing.Firstly,this paper defines the concept,and sorts out the relevant theories of domestic and foreign researches on stock-exchange absorption and overall listing.Based on these theories and in combination with the background faced by merchants shekou at that time,it analyzes why it needs to be listed as a whole.Secondly,for the overall listing this factor will be what kind of impact on enterprise performance,this article is through the combination of qualitative and quantitative methods,discusses its research for yield before and after the overall listing,select the scope of 20 days and 20 months before and after listing,as the window of the event study method to estimate period respectively,the calculation of the results of the enterprise positive impact on short-term performance and long-term performance,financial indicators of China merchants shekou from 2013 to 2018 is analyzed,and choose no comparable companies listed on the whole,this paper compares and analyzes In this way,it can be seen that the implementation of the overall listing restructuring plan has an obvious positive effect on corporate performance.In the analysis of non-financial performance,it is also concluded that the scheme can generate positive reactions to the ownership structure,corporate governance and synergies of the enterprise to different degrees.Finally,the research conclusion is summarized according to the previous analysis,and the relevant enlightenment is extracted according to the analysis of this case.This paper hopes that this study on the performance of the overall listing can provide an effective reference for China's state-owned enterprises to implement the same listing plan under the background of mixed reform.