Different Ownership Structure Of Group Companies Is Listed As A Whole The Impact On Performance

Overall listing is a special hot issue in China's stock market. Since the successful operation of overall listing of TCL, the concept of "overall listing" has become one of the most popular topics in the stock market of china.In real estate industry, there are five enterprises which have overall listed so far. Relative to steel industry, it is more competitive in real estate industry. In addition, the share structures in the five enterprises of real estate industry are of much variety. So real estate industry is a good choice in the study of the relationship between the share structure and corporate performance in overall listed enterprises.To begin with the theory about overall listing, this dissertation will analyze the origin and method of overall listing, as well as it's driving force. In this,part, much emphasis is put on the relationship between share structure and corporate performance in the overall listing companies. Then this dissertation set the five enterprises in real estate industry, which have overall listed, as the sample, and make a list of five financial indexes. The empirical study shows that overall listing does not necessarily lead to improvement of corporate performance. In addition, this dissertation analyzes two cases study of Shoukai Group and Fanhai, in order to explain the reason of differences of corporate performance.The conclusions of the dissertation are, the differences of corporate performance come from differences of share structure. State-owned and state-highly-controlled groups demonstrate better performance, while private-highly-controlled individuals would always shows worse performance after overall listing. So it is suggested in the dissertation that the quality of assets of private-highly-controlled enterprises disserves much concern.