The Evaluation Of The Performance Of Chinese State-owned Enterprises Listed As A Whole

China’s state-owned enterprises listed as a whole solved many problems that it existed in the spin off listing. Such as competition, related party transactions and corporate governance structure. It helped improving the performance level of the state-owned enterprises and promoted the further development of state-owned enterprises. So the overall listing as a new model had gradually become an inevitable choice of the development of China’s capital market and the deepening reform of state-owned enterprises. And the overall market performance evaluation of state-owned enterprises also received extensive attention from the whole society.This article was analyzed the present situation of our state-owned enterprise overall listing, model, annual distribution and the distribution of the industry. And it also used the factor analysis to analyze the performance of 2004-2010 sample companies in integral pre-market after four years. And it checked the analysis results by the Wilcoxon symbols average rank test. The analysis results showed that the state-owned enterprise’s performance factor scores significantly improved after the overall listing finished. And the inspection results showed that the influence of overall listing on business performance began to fully show in the second year of the listed after the completion of the whole. After completed the listing, the longer the more factors affecting the performance of state-owned enterprises. Considering the factors of the not overall listing of stripping is difficult, and combining with the limit of obtaining of the sample data and the function of same sex of the overall listing. So this article’s analysis only to the second year after the overall listing. And the empirical results also showed that the overall listing had a significant impact on the performance of the state-owned enterprise in the short term. In addition, this article was further analyzed the influence factors of the overall performance of listed state-owned enterprises in China based on the panel data model. The results showed that there were three main factors impacting on the performance of listed state-owned enterprises in the process of overall listing. That was the model of the overall listing, the injected assets need have a high correlation and high profitability of the original assets of listed companies, and the first big shareholder’s stake. Among the model of the overall listing, the model of the reverse takeover of the parent company had the largest impact on the performance of enterprise. And the influence of the other three models was relatively small. In order to promote the healthy development of the whole appears on the market, we need to actively encourage conditional state-owned companies to list on the stock as soon as possible, choose the model that should suite to the characteristics of the enterprise itself to the overall listing, the quality of the injected assets should formulate strict standards. In addition, we also need to optimize the equity structure of listed state-owned enterprises in the process of overall listing. And at the same time, the regulators should strengthen the supervision.