Research On The Performance Of Anhui Construction Engineering Group's Overall Listing

In the initial stage of China's capital market,some large enterprises have chosen to spin off in order to meet the listing criteria.However,with the continuous improvement of the capital market,the abuses of the spin-off listing have gradually become prominent,such as non-fair related party transactions and horizontal competition ect.,hindering the capital market healthy growth.In this context,the overall listing came into being.At the same time,it is also a reform approach that the state strongly encourages and supports under the background of SOE reform.This kind of listing model helps enterprises improve their operating capacity,profitability,governance level,and achieve value growth.In the development of enterprises and capital market,its role cannot be underestimated.Since the successful overall listing of TCL in 2004,this model has gradually become a development trend in the capital market,and which has been adopted by more and more enterprises.As a result,the performance of the overall listing has become a major issue for scholars.But the current research conclusions on this issue are still inconsistent.In view of this,this paper uses Anhui Construction Engineering Group as a case to study the overall listing performance in order to enrich the research results in this field.In this case the choice is Anhui Construction Engineering Group,a leading enterprise in the construction industry in Anhui Province.Anhui Water Resources issued its new shares to Controlling shareholder of its parent company Anhui Construction Engineering Group and acquired the main business assets of Anhui Construction Engineering Group.The Group achieved the overall listing.At the same time,it implemented a shareholding plan for employees and raised matching funds to strategic investors.For evaluate the overall-listed performance of the enterprise,this paper uses the event research method to study the effect of the overall-listed announcement to evaluate the market's performance.Then next part uses the financial indicator method to compare the solvency,operational capability,profitability and development capability vertically and horizontally,and combines EVA and net asset EVA rate to comprehensively evaluate the financial performance.Then this paper analyzes the changes in human resources,technological innovation and synergy to evaluate other aspects of performance.The research shows that after the overall listing,Anhui Water Resource has a significant positive cumulative abnormal rate of return.It reflects a positive announcement effect.The operational capacity has an obvious improvement.Long-term solvency,profitability and growth ability have also been improved,but the effect is not obvious.Thereason may be that the time is short to market,and the integration effect has not been reflected.Due to the limitations of financial indicators,this paper introduces EVA and net assets EVA rate to comprehensive analysis,and combines with the horizontal comparison of the net asset EVA rate and industry date to eliminate the impact of industry factors.The EVA and net asset EVA rate in 2017 is significantly higher than that in 2016,which indicating that the overall listing has brought real profit.In addition,this paper also selects non-financial indicators to further evaluate the performance.The analysis believes that the overall listing has a positive effect on the improvement of personnel quality,the rationalization of employee functional structure,the enthusiasm of enterprises to invest in innovative R&D,and the formation of synergistic effects.Finally,the conclusions are summarized,and three inspirations are obtained from the case: the first is to look at the timing,the second is to choose the appropriate listing model,and the third is to raise matching funds.These inspirations can provide reference for the enterprises that intend to adopt the model to listing.