Research On The Impact Of State-owned Enterprises’ Overall Listing On Enterprise Performance

The size of China’s early securities market was relatively small,and many companies chose to spin off and list in order to meet the listing requirements.However,with the continuous development of the capital market,the disadvantages caused by the spin-off of listed companies have become increasingly obvious:inter-bank competition,related party transactions,and major shareholders’ appropriation of funds between parent companies and listed companies have gradually increased.When the concept of overall listing was first proposed,it was seen as a means to solve the disadvantages of spin-off listing and promote the healthy development of the securities market and the capital market.At the same time,overall listing is one of the ways to reform the mixed ownership of state-owned enterprises,and it has also been adopted by China’s regulators as an important way to promote the reform process of state-owned enterprises.With the development of the market and the call of policies,the overall listing has gradually entered a hot period.In December2017,NARI realized the overall listing of the group’s core assets,becoming the first enterprise in the power industry reform,and setting a new benchmark for the mixed reform of state-owned enterprises.This article’s analysis of the overall listing process and performance research can provide reference for other state-owned enterprises in the power industry in terms of whether they need and how to conduct overall listing.This article adopts a combination of theoretical research and actual typical cases,and selects NARI as the case company to study the overall listing.First of all,this article elaborates the research background and significance,and reviews the current status of domestic and foreign research on overall listing by reviewing the literature.After that,based on the existing research results and related theories,it sorts out the background and trading process of NARI’s overall listing.,Trying to explore the reasons for its overall listing,and analyze the rationality of its overall listing mode selection;then,focus on the analysis of the impact of corporate performance brought by the overall listing of NARI,quantitative analysis using the event research method,financial indicator method,The economic value-added method studies the short-term market performance and long-term operating performance of the overall listing,while the qualitative analysis focuses on the impact of the overall listing on the non-financial performance of the company,and analyzes the influencing factors of thechange in corporate performance.Finally,come out the conclusion and inspiration of this article.The research in this paper found the following conclusions:(1)Nanrui’s overall listing was relatively successful,and the choice of a private placement model improved its overall listing efficiency;(2)the overall listing brought a positive effect on the improvement of corporate performance.Not only increased shareholder wealth,enhanced corporate performance,and created more corporate value,but also further enhanced its non-financial performance such as industry competitiveness and influence,technological innovation capabilities,and corporate governance structure;(3)The overall listing affects corporate performance through multiple paths.At the same time,this article also draws the following enlightenment:(1)companies should choose the right timing and the right model for overall listing;(2)the injection of high-quality assets is helpful to the overall listing,and companies should focus on the identification of the underlying assets And identification;(3)After completing the overall listing,the company also needs to pay attention to the subsequent integration within the group.