The Research On Overall Listing Models Of Chinese Group Companies And Market Reaction

After entering the full circulation age, the concept of overall listing is still gong to be the focus of the market attention. The overall listing is not merely the solution to resolve the long existing problem of related transaction, and what is more important is that under the current circumstances of slowing down the revenue increase of the listed companies, it provides the new growth vitality, even make some companies a thorough quality-upgrade. Even central government has paid much more attention on the overall listing model.To the shareholders of the listed companies, what they concern is that if the overall listing can increase the value of the companies, can bring investors fortune, which is also the topic this article would like to discuss.The article first introduces the research background, research meaning, research methods and the four primary overall listing modes. With the all existing literature about the overall listing, we can see most articles take a positive view towards the overall listing, which these articles think can help to overcome the recalcitration of the related transaction in the capital market, and bring out the overall superiority of the group and provide the investors the excess returns. Under such circumstances, this article uses the case study and multiple variables analyses to study whether the overall listing can provide investors excess returns. Exemplifying the enterprises finishing their overall listing as samples, the article mainly discusses the stock rates'abnormal return rates and change of the enterprises'revenues before and after the overall listing, explains and analyses the results, and comes to an conclusion, which is the creation point of this article, and also points out the insufficiency of the article and the suggestions for further study.The article's conclusion is that through overall listing, the shareholders of the listing companies can be brought with the overflow of the stock rates, and the listed companies can achieve the rapid expansion in the short period. The overall listing overall does not change the listed companies'payoff abilities and the debt rate for the assets is somewhat high, but it can decrease the P/E in a certain level of the listed companies.Hopefully more listed companies can, via the platform of the overall listing, accelerate the process of the important assets re-organization, upgrade the industry structure, and increase the ability of the industry integration of the resources and achieve the effective and steady development of the economy.