Research On The Overall Listing Performance Of Huayi Group

In order to effectively use the capital market tools to promote the development of China's capital market,China's regulatory authorities have issued a series of policies to support and encourage listed companies to successfully implement the overall listing plan.At the same time,group companies often integrate the industrial chain,reduce related party transactions,reduce transaction costs,rationally optimize and balance the allocation of capital market resources,and ultimately achieve the goal of a listed company becoming larger and stronger as a whole.Whether a listed company's overall listing can have a positive impact on corporate performance and effectively enhance the overall strength of the company has become a most pressing practical issue at present.This article uses a combination of theory and case to explore the "effect of overall listing on company performance".By analyzing the overall listing process and motivations of Huayi Group,this paper analyzes the reasons for Huayi Group's overall listing model of private placement.Using the event research method to analyze the impact of the overall listing on the company's short-and long-term market performance,the results show that the overall listing provides the company with a positive market return in the long and short term.At the same time,using the company's annual report data from 2013 to 2018 and the industry data in the Wind database to analyze the company's financial indicators,the impact of the overall listing on the company's long-term financial performance,the results show that the overall company's operating ability,debt-resolving ability,and Growth ability has been improved at different levels.Secondly,this article uses EVA to analyze the performance of Huayi Group before and after listing,and finds that the overall listing has brought positive economic added value to the company.After that,the analysis of the effect of overall listing on the performance of listed companies through three changes in inter-company competition,related-party transactions,and equity structure of listed companies before and after the overall listing shows that overall listing helps listed companies avoid inter-industry competition and reduce related-party transactions.The problem is that the private placement of a holistic listing will increase the control of large shareholders,increase their supervision and incentives,and reduce agency costs.At the same time,it will help increase the motivation of the controlling shareholder to support the listed company and reduce the controlling shareholder's hollowing out of the listed company.Finally,it summarizes and summarizes the impact of Huayi Group's overall listing performance,d raws inspiration from this case,puts forward relevant suggestions,and provides reference for other enterprises to successfully conduct overall listing in the future.