Enterprise Groups In China As A Whole Listing Of The Performance Of Empirical Research

During more than 10 years' development ,china's capital market has grown to be a critical part of the national economy.Because of some historical reasons, the majority of china's listed companies were born of some high-productive capital from their mother companies. This practice make that the listed company won the precious development opportunities, but also leaves over a lot of problems for the public companies' standard operation.To solve such a historical issue, the securities market must initiate a most basic institutional innovation. This is the basic need of development of China's capital market. Holistic listing as a hotspot of current system innovation, has become more and more popular to enterprises and investors. It has become current hot topics of market.Firstly, This paper analysis the theory foundation of holistic listing with firm asset recombines theory, boundary theory and collaborative theory. Secondly, analysis the Related problems of holistic listing, and points out the drawbacks of spin-off listing and the advantages of the holistic listing. Lastly,points out the positive influence of holistic listing to Listing companies.Next, empirical analysis of paper analyze the performance of holistic listing through financial performance and market performance. The calculation of financial performance mainly adopt eight financial indicators and fitting them into one comprehensive indicator as the enterprise's financial performance score. Then use T test and Z test to analyze financial performance changes before and after holistic listing .The conclusion is that financial performance is significant to improve. Using CAR to measure market performance. The conclusion is that, market performance is significant to improve, too. Holistic listing meets the market expected. It is a win-win pattern. Secondly, we build regression model, and analyze the influence factors of holistic listing financial performance. The conclusion is that, the influence factors of holistic listing financial performance include the clear of main business ,equity prices if or not adopt market, and the nature of equity.At last, we give some suggestions to enterprises and supervision departments.