The Empirical Research On Performance Of The Group Companies' Overall Listing In China

As the overall listing and asset injection can make the expansion of scale, the industry consolidation, solving affiliated transactions and improving the corporate governance, it is seen as one of the most highly touted subjects in the stock market. And in a time, it became to be crazy in that. However, the real and the overall performance of the listed companies are not known yet. And the question that whether the performance is as good as the people expected has not been made an in-depth empirical research and analysis.This thesis is focus on the performance of the listed companies in China. The content of the thesis can be divided into several parts. Chapter I is the introduction of the thesis and it is discussing the research background, thesis's issues, and the significance of topics. Chapter II for the Review of the literatures, and it is divided into three levels to elaborate, including the theoretical foundation, the corporate performance evaluation method, and the theory of the overall listing of the company literature review. Chapter III explains the study methodology and the municipal programmed designs, through designing research methods and choosing the empirical analysis of the samples. Chapter IV makes the empirical analysis for the overall performance of the listed companies, using the method of event study and factor analysis, and analyzing the main reason for the empirical results. In this part, the main purpose is to analyze the overall performance of the listed companies from empirical perspective, explore their real situation, provide the empirical policy-making reference and an effective evidence for investors who evaluate the overall performance of listed company, provide policy-makers draw for enterprise managers, as well as the management of the business. This article selected two methods to analyze the overall performance of listed company empirically, studying on the overall short-term performance of listed companies by the way of event study, studying the overall long-term performance of listed companies by the way of factor analysis. This choice of the two methods can overcome the drawbacks of single methodology, and could get a more exactly research on the actual situation of the overall performance of listed companies. Through these two analytical methods, test the assumptions empirically, and draw conclusions. Chapter V is for empirical analysis of conclusions and recommendations to the author. Through empirical research, this thesis found the following points. Event Study findings show that overall listing makes a listed company has been significantly improved corporate performance in a short time. Factor analysis of the overall study results indicate that overall listing makes a listed company whose overall performance of the integrated get a clear upgrade, however, after the year of its overall listing, corporate performance began to fall, and the downward trend and extent is notable. There are even some companies whose overall comprehensive performance in the next year of overall listing is inferior to the situation in previous year of overall listing.This thesis's innovation is that, at first, the thesis analyses the real performance of the group companies'overall listing in China from the empirical perspective, what's more, by putting the event study way and the factor analysis way together in the process of empirical analysis, the thesis tries to find the real situation of the overall performance of listed companies in the short time and in the long run from the day the companies get the overall listed.