Research On The Overall Listing Performance Of Anhui Construction Engineering

In the initial stage of the development of Chinese capital market,many enterprises,in order to meet the listing standards,will be the poor profitability of the assets out of the implementation of spin-off listing.However,with the improvement of the capital market,the disadvantages of the spin-off listing gradually appear,such as frequent affiliated transactions between parent and subsidiary companies,increased competition in the same industry,and large shareholders’ malicious occupation of the interests of small shareholders.In order to solve these shortcomings,the overall listing will emerge.At the same time,the country has introduced a number of policies to encourage the overall listing of enterprises.In March 2016,the National Development and Reform Commission clearly pointed out that the overall listing is an important way to promote mixed ownership reform and an important way to improve the securitization of state-owned assets.Based on this background,this paper selected anhui construction engineering,a large state-owned enterprise that went public in August 2017,as the case study.This paper firstly summarizes the typical achievements of domestic and foreign scholars on the whole listing research,and systematically introduces the related concepts and theoretical basis of the whole listing.Secondly,it summarizes the whole listing process,motivation and model of anhui construction engineering.Then the paper analyzes the performance of the whole listing of anhui construction engineering and the path of the whole listing.Finally,the successful experience and existing problems of listing anhui construction engineering as a whole are summarized,and the corresponding Suggestions are put forward.This paper studies the overall listing performance from the three aspects of market,finance and non-financial,and explores the effective path of the overall listing on the performance based on the four theories of scale economy,peer competition,synergy effect and connected transaction.After analysis,the whole listing of anhui construction has not only produced positive performance,but also brought negative impact.From the perspective of positive performance,after the overall listing,the market effect of anhui construction engineering co.,ltd.is positive and increases the wealth of shareholders.The asset scale expanded,the operating synergies increased,and the profitability and growth capacity were improved.In terms of non-financial performance,the on-job employees of enterprises have been improved,the competitiveness of the industry has been enhanced,and the level of technological upgrading has been accelerated.The negative impact is mainly that the related transaction is not effectively controlled after the whole listing,the related borrowing increases,the efficiency of asset management is low,and the enterprise’s solvency and operating capacity are weakened.Finally,this paper draws the conclusion and relevant enlightenment,and puts forward Suggestions on the overall listing from the perspectives of enterprises,investors and regulatory authorities,in an attempt to provide some references for enterprises preparing for the overall listing.