The Study On Holistic Listing Of The Listed Company In China And Their Performance Analysis

With the full circulation times successively approaching, the concept of gradually becomes the important focus in the marketplace. The holistic listing is not only resolving affiliated transaction problem, but more important significance is pouring new vigor for the listed company and maybe thoroughly improve some company's quality at the background of increasing in profitability commonly being slowly in current listed company. We concern that many studying organization consider the holistic listing as future important investment subject. Currently, many companies form the central level to the local companies have the tendency to holistic listing, which has got the support from the management level. So it is obvious that holistic listing has become a hot problem which merits the high attention from central government. Focusing on the hot point, this thesis tries to engaging in full and complete research both from the theoretical aspect to the practical level.At first, this paper introduces background and method of the holistic listing studying. With reviewing all the research and discussion papers about holistic listing, we will find that a lot of authors approved the holistic listing. They thought the holistic listing was good at some defects of affiliated transactions and so on in capital market. It also can help use the whole advantages of group. This is one reason why the holistic listing is pursued.In the second, based on the theory of economics, the paper points out that holistic listing meets the theories of the nature and limits of the firm and adjusts to the limits of the firm, meanwhile, this paper discusses the meaning of holistic listing which is behavior of assets recomposing. Based on this, the paper analyses the models of holistic listing and summarizes the three basic modes of holistic listing by making use of the existing cases of holistic listing. Moreover, it explains the different and the same aspects of the three typical models. The holistic listing has many models. From the secondary market, no matter what models the company adopts, the holistic listing can promote share price actively. It is the reason that the holistic listing becomes hot subject in stock market. Every model has its single characteristic, for the stock market, it offers lots of innovation. There are three typical models which are sharing stocks and IPO model, sharing stocks and merge model and adding stocks and purchasing model. Meanwhile, the paper also made good use of related economic theories like economies of scale theory,economies of scope theory to analyze the motivation and effects of holistic listing.In the other hand, the paper uses empirical method to study all the companies accomplished holistic listing. To analyze the listed companies' whole performance is the key of this paper. This analysis adopts main factor analysis method in the statistics to gain the results about companies' performance. We find the holistic listing have positive effects on the company's performance through the results. So we can directly find the effects induced by the holistic listing.Finally, this paper combines with all above analysis to point out basic conditions of accomplishing holistic listing, and analyses the applying conditions in the every holistic listing model. And then the paper points out the problems and improving strategy in executing holistic listing.