A Study On The Impact Of Overall Listing On Performance Of Yanhujiafei

Since the TCL group took the lead in the overall listing in 2004, the overall listing as an important institutional innovation in the development of China’s securities market has appeared in our field of vision, its advantages are increasingly prominent. Most scholars considered that the overall listing will lead a positive impact on the short-term market performance of a company, also during the year in the realization of the overall listing, the performance of the most companies improved. But the research on the impact of long-term performance is relatively less, and the scholars couldn’t draw a same conclusion. The paper hope that through the study in the case of the overall listing of YHJF, we can comprehensively understand the impact of overall listing on corporate performance, so as to provide the basis and reference for the follow-up listed companies and decision-making of investors, besides provide certain reference and support for the securities regulatory departments to make decisions.In this paper, theoretical analysis and case studies are used to study the impact of the overall listing on the company’s performance. First of all, on the base of a large number of literature review, combing review and summarize the related research on the overall market, and use the related theory about two aspects of competition and related transactions to explore the impact of overall listing on the corporate performance, then make theoretical estimates on the performance change after the overall listing of the listing corporation: in the short-term, overall listing will help the company get positive abnormal returns rate and a positive market performance; but in the long-term, the quality of the injected assets will lead a great impact on the performance change, if the quality of the injected assets is good, the listing corporation’s long-term financial performance will be improved, otherwise it will lead to a drop on financial performance. Secondly, this paper focuses on the analysis of the impact of the overall listing on the corporate performance of YHJF. The paper mainly uses the event study method to analysis the short-term market performance after the overall listing of YHJF, and uses accounting research method to analysis the financial performance change each three years before and after the overall listing of YHJF, which is in order to verify the theoretical expectations and further analysis the main reason that leads to YHJF’s performance change.