Overall Listing And Performance Research

In the early stage of the development of China’s capital market,due to the limited size of its capital market in the early days,strict listing quotas and financing scale settings,many companies chose to separate high-quality assets within the enterprise and prioritize package listing.However,in the subsequent development,problems such as frequent related-party transactions caused by spin-offs and internal resource consumption caused by industry competition have gradually emerged.As a result,the overall listing as a financial innovation has become a way for companies to enter the capital market under the promotion of policies and markets.At present,the overall listing is often closely related to the reform of state-owned enterprises.A number of policies have been issued to encourage enterprises to strengthen reforms at the group level and actively promote the reform and listing of state-owned enterprises.Therefore,the overall listing is of great significance to the development of state-owned enterprises in China.After sorting out the relevant literature on the model,motivation,performance and the realization of holistic listing through reverse acquisition,this paper first sorts out the model selection and industry distribution of holistic listing of state-owned enterprises,then select Huaguang corporation as the research object,by analyzing the short-term market reaction,the traditional financial index and the change of the net assets EVA rate after the reverse takeover,the paper analyzes the financial changing trend before and after the realization of the whole listing of Guolian corporation,finally,it analyzes the non-financial index influence from the overseas market expansion,the achievement of strategic goal and the Promotion of R & D Technology.The research draws the following conclusions: First,from the short-term market effect,after the announcement of the overall listing plan of Huaguang stock,the cumulative excess return rate has increased,and has a positive effect;second,when analyzing the traditional financial indicators,we found that,after Huaguang’s reverse acquisition and the whole League of Nations’ environmental protection listing,Huaguang’s growth ability,profitability and operating ability have all been improved,and the performance of debt-paying ability has been relatively stable,in the follow-up development needs to be improved.Through the calculation of Eva ratio of net assets,we can find that Huaguang corporation do bring more economic benefits after the reverse acquisition.Finally,in terms of non-financial performance indicators,its overseas order market has gradually expanded;the strategic goal of promoting the transformation of Huaguang corporation has been further developed;in terms of R & D Technology,the R & D team of Huaguang corporation has gradually expanded,the number of patents has increased and the capability of R & D and Technology has increased.In general,Huaguang corporation reverse acquisition after the implementation of the whole League of environmental protection performance is better.At last,the paper summarizes the three enlightenments of this case to other enterprises,one is to choose the appropriate listing mode according to the enterprise’s own situation,the other is to make a reasonable listing scheme,and the third is to pay attention to the development of the long-term performance after the overall listing.It is expected to provide some reference for other enterprises preparing to go public as a whole under the background of SOE reform.