A Study On The Impact Of DJ Group Whole Listing On Enterprise Financial Performance

The overall listing is preferred by many enterprises in China which is originally used to solve the problem of spin-off listing.It eliminates many drawbacks of the spin-off listing like horizontal competition,affiliate transaction,confusion of corporate governance structure etc.Although the results are different,an increasing number of group companies choose whole listing in recent years.The researchers get divergent conclusions about the financial performance of overall listing corporations.Based on these facts,this thesis discus the overall listing's impact on enterprises' financial performance in the case of Power DJ Group which going to get whole listing through Chinese DJ by purchasing it's main asset by private placement.This thesis first briefly introduces the research background and significance of the dissertation,elaborates the domestic and foreign research status of the overall listing model selection and the relationship between the overall listing and the company performance,as well as the contents and methods,the innovation and deficiency of the dissertation.Then,based on the related concept and theoretical basis of the overall listing,this thesis analyzes the impact of the overall listing on the financial performance of the enterprise from the.perspective of motivation.Then it introduces the background and motivation of the whole listing of the DJ Group,and analyzes the impact of the overall listing on the financial performance of the enterprise.It mainly analyzes the change of financial performance of China DJ from four aspects:profitability,solvency,operation ability and development capability through the financial index analysis and Dupont analysis.By comparing the financial performance of China DJ and China Metallurgical Performance and the average performance of the engineering and construction industry to compare,this thesis excluds the overall listing of other factors on the performance of listed companies.The analysis found that the overall listing of the DJ Group did not improve the financial performance of the company as scheduled.Finally,this thesis analyzes the reasons for the poor performance of the listed companies as a whole,concludes that there is no decrease in connected transactions,the synergy effect has not yet formed,the profitability of enterprises is weakened,the controlling shareholder controls the listed companies,and the asset valuation value is high And some suggestions are put forward on these issues,including:standardizing the connected transactions of listed companies,improving the synergy of enterprises,strengthening the integration of mergers and acquisitions to improve the performance of enterprises,actively introducing other capital to realize equity diversification and perfecting the evaluation standards for asset quality injected,With a view to provide some reference for other companies listed in the future as a whole.