Study On Performance Evaluation Of The Holistic Listing Of HQC Group Corporation

In recent years, with the process of China’s state-owned enterprises’mergers, acquisitions and restructuring significantly accelerated, the pace of state-owned enterprises’ holistic listing is promoted. SASAC (State-owned Assets Supervision and Administration Commission) repeatedly stressed the need to speed up the joint-stock reform, support the central enterprises’overall restructuring or the main business’s overall listing and encourage listed companies to become better and stronger. After the central document released, local governments expressed their support to the adjustment of industrial organization as soon as possible making use of listing platform to integrate state property. By the end of 2014, more than 20 companies has declared to prepare for holistic listing. Although holistic listing is very popular, we should still be more rational toward the capital operation means. Does holistic listing improve the performance of the enterprise. How large is the extent of improvements. Does it bring a sustained and long-term performance. The theoretical and practical research on performance and problems caused by holistic listing provides a reference for companies prepared for holistic listing, which has a great theoretical and practical significance.This Paper chooses HQC Group Corporation as the research sample, using case analysis, event analysis and financial indicators analysis to analyze the performance after HQC Group Corporation’s holistic listing. It aims to research on the performance of listing Corporation after the overall listing, find the existing problems of listed company after the holistic listing and then put forward suggestions. This paper is divided into six chapters:The first chapter is the introduction. This section introduces the research background and significance of this paper, puts forward research contents and methods as well as research characteristics and innovation on the basis of combing the relevant theories. The second chapter is the concept define and theoretical basis. It mainly concludes the the concepts and theories of holistic listing and performance evaluation and proposes analytical method used in this paper. The third chapter is the overview of HQC Group Corporation’s holistic listing, introducing the development of related parties, the background, model, operation and procedures of HQC Group Corporation’s holistic listing. The fourth chapter is the qualitative analysis of the HQC Group Corporation’s holistic listing. The fifth chapter is the quantitative analysis of the HQC Group Corporation’s holistic listing. This chapter mainly analyzes the financial performance and market performance of the HQC Group Corporation and makes the objective evaluation. The six chapter is the conclusion and prospect of the whole paper. Through the research, S corporation(the listed company) expanded the boundaries of the firm, forming scale effect; enhance the operational independence, reduce the related party transactions; optimizing the tourism industrial chain, strengthen the "tourism+real estate "double drive mode; improve the corporate governance structure. Overall listing brought the good market performance, is significant to enhance the effect of S corporation’s short-term financial performance. However, it also has the negative influence. It reduces the operational efficiency of current assets, increases the long-term debt burden. And the long-term performance driving force is insufficient. S corporation should adjust corporate strategy, controlling expansion speed of the business scale; prevent financial risks establishing financial risk early warning mechanism and overall capital management; strengthen the integration of mergers and acquisitions and enhance their capacity for sustainable development; speed up the development of tourism industry, launch innovative products; actively introduce other capital, to achieve equity diversification. The main contribution of this paper is:This study can further perfect the theory of overall listing and provide a reference for the development of the company’s strategy about overall listing.