The Choice Of Holistic Listing Pattern And Corporate Performance Analysis

In 2013,the state-owned enterprise reform is put on the agenda once again in the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China.The term "mergers and acquisitions and reorganization" and "Holistic listing" appeared in the local government work report and the major media more and more frequent."Holistic listing" has become an important measure to improve the quality of the company,to promote the adjustment of state-owned capital,and to enhance the control of state-owned economy.In recent years,more and more domestic companies began to arrange their listed subsidiary with holistic listing.Therefore,the choice of holistic listing pattern and the research on corporate performance have important practical significance for the group companies and government.Currently,among the cases of holistic listing implemented in China,there are a variety of models used,and the act of holistic listing has an impact on the company's market performance and financial performance in different degree.Based on this,this paper first elaborates the background and the significance of the research,at the same time,indicates the research method and content;And then,by accessing to a large number of related literature,the paper defines the concept of "Holistic listing" and summarizes the research and conclusions related to "Holistic listing",meantime,distinguish different patterns and their characteristics and applicable conditions.After that,the paper analyzes the influence mechanism between the choice of holistic listing patternandcorporate performance based on the theory of signal transmission,enterprise boundary theory,synergistic effect theory and control theory.In addition,this paper use case study method,and chooses Zhejiang Wuchan Group to carry out in-depth study on the whole listing of the twice of its listed subsidiary.First of all,the case introduces the background of the listed subsidiary of Zhejiang Wuchan Group,the motivations and the detailed process of the two holistic listing.Then it compares the different patterns of the twice based on the motivations and performance factors ofholisticlisting.Meanwhile,it compares the differencesbetween market performance and financial performance of the company before and after the listing,which is aimed at exploring the impact of the choice of holistic listing pattern on the performance of the company.After that,the paper summarizes the model of Zhejiang Wuchan Group Finally,the paper gives the relevant revelation to the companies,which are willing to list holistic in future,and provides reference for the government department indecision-makingin the future.