Study On The Performance Of SCG Overall Listing

In our country,as the capital market and the system gradually become perfect,the way of all kinds enterprise list with different changes in different stages,in terms of state-owned enterprises,they adopt the method of spin off listing in the beginning,but with the development of the market economy and enterprise's management level,the listing model of the enterprises have also become more perfect and diversified.After entering the 21st century,the situation of China's state-owned enterprises reform entered into a new stage,the state council and the China Securities Regulatory Commission,successively promulgated a series of policies in recent years,actively encourage state-owned enterprises to list on the whole,tries to solve the previous problems in the development of listed company such as frequent related transactions and limited corporate governance,imperfect industry chain,the fierce competition and so on.There are many patterns of listing overall in our country,but not all carried on the method of the overall listing companies are able to achieve the expected goals,in the increasingly fierce competitive environment,success is accompanied with failure,opportunities and risks coexist,enterprise should according to their own development direction,combine with the advantages and disadvantages of their own to choose the suitable model,to ensure that the goal of the overall listing to be achieved.The state-owned construction enterprise Shanghai Construction Engineering Group involved in this paper officially launched the overall listing plan of the private placement model in 2009.This paper based on the theory of market power,scale effect and related transaction,chooses the overall listing of Shanghai Construction Engineering Group as the research object,introduces the background,motivation,and plan of the overall listing of Shanghai Construction Engineering Group,uses three kinds of methods to analyze the impact the overall listing to Shanghai Construction Engineering Group:first of all,through the event study method to calculate the short-term performance,finds that the overall listing causes the positive announcement effect,bringing excess benefits to shareholders;Secondly,the financial index method is used to analyze the solvency,operation ability,profitability and growth ability of enterprises before and after the implementation of the overall listing plan.It is found that after the completion of the overall listing,the financial index has improved significantly compared with that before.Thirdly,in order to evaluate the performance more accurately,EVA performance evaluation method is added on the basis of the first two methods.By calculating the EVA of enterprises in the last ten years,the results show that the overall listing has improved the enterprise value of Shanghai Construction Engineering Group.Finally,this paper summarizes the experience of Shanghai Construction Engineering Group,and gives a hint for the risk,in order to provide promotion value for more state-owned construction enterprises to implement the overall listing.Through in-depth research,it can be concluded that the implementation of the overall listing of Shanghai Construction Engineering Group has achieved the expected goal,completed the scheduled tasks,improved the performance of the enterprise,guaranteed the rights and interests of shareholders,and played a positive role in promoting the future development of the enterprise.