Overall Market Performance Of Listed Companies And Its Influencing Factors

With the development of capital market in our country and the disadvantages ofspin-off listing mode increasingly apparent, group companies put all of its assets ormain business assets into its listed companies, the listed companies to realize holisticlisting, so as to avoid horizontal competition between group companies and listedcompanies and reduce the tunneling behavior of controlling shareholders, further, theholistic listing can play the synergistic effect of resource integration and improve theirownership structure, in order to solve the disadvantages of spin-off listing provides atrain of thought. Since2003, China securities regulatory commission, state-ownedassets supervision and administration commission, and other countries ministries havebeen issued policy to encourage large enterprises realize holistic listing. Based on thepromotion of policy and listed companies their own motivation to be more bigger andstronger, especially after the split share structure reform, holistic listing as a financialinnovation has gradually become a hot topic of the capital market in our country, thestocks is widely welcomed by investors, holistic listing this new thing has aroused theconcern of the theoretical and practical circles. Whether holistic listing canfundamentally solve the disadvantages of spin-off listing or not, whether it can be ableto play a role to promote the performance of listed companies or not, what is themechanism of action that holistic listing impact on the performance of listedcompanies, what are the main factors affecting on the performance of holistic listingcompanies, the study of these issues will help to provide empirical evidence for policymakers and decision basis for enterprises and investors.In this paper, the study based on theory of economics and managementanalyzed the institutional change of holistic listing, in order to lay a theoreticalfoundation for the analysis that the influence of holistic listing impacted on theperformance of listed companies. Furthermore, we analyzed the mechanism of actionthat holistic listing impact on the performance of listed companies, finally, we analyzed the main factors influencing on the performance of holistic listingcompanies from different perspective. Based on the above analysis, first of all, we usefactor analysis method to make a comprehensive evaluation of the performance ofholistic listed companies, then test the significance of performance improvement thatholistic listing impact on the listed companies by Wilcoxon test. Results indicate thatthe holistic listing can help the performance of listed company to increase, but inshort-term, observation of the effect is not obvious. Through factor analysis we canmake crosswise comparison of different corporate performance, and we can also makelongitudinal comparison on the performance changes of one corporate, but we can’tinspect the factors that affecting the performance of holistic listing companies from amicro perspective. Further, we make the analysis by introducing variables, such as thequality of the assets put in listed companies, the mode of holistic listing, the nature ofequity and the equity structure, finally, through cross section data model and paneldata model for regression analysis. The conclusions of the study are as follows:(1)the quality of the assets put in listed companies plays a greater role on theperformance promotion of listed companies;(2) reverse acquisition of parentcompany is superior to the other mode on the performance of listed companies;(3)different nature of the equity of holistic listing companies present differentperformance was not evidently, relevant departments should not only promotestate-owned enterprise to realize holistic listing but also encourage the privateenterprise;(4) the proportion of the first big shareholder holds is bigger, themotivation of realizing holistic listing is greater, and it will exert positive influence onthe performance of holistic listing companies;(5) the first big shareholders exertpositive effect on the performance of listed companies after realized holistic listing isless than before; listed companies realize holistic listing can significantly improve theprofitability of assets. Finally, this paper put forward relevant policy suggestionsbased on the above research conclusion.