The Impact Of Overall Listing On Corporate Performance

In the initial period of the establishment of China's capital market,due to the internal and external conditions,the listing of companies will give priority to split the listing.As a common listing method in China's early capital market,splitting the listing can not only solve the group's financing needs,but also meet the basic requirements of the regulatory authorities for listing the company,and ease the development problems facing the company.It can be said that the spin-off listing has promoted the maturity and economic prosperity of the early Chinese market.However,with the development of time and the maturity of the capital market,the disadvantages of the spin-off listing began to appear.Gradually,problems such as horizontal competition,overly-related transactions,and encroachment on the rights and interests of small and medium shareholders have gradually arisen.These problems have not been able to adapt to the mature markets of enterprises.Since TCL's IPO overall listing in 2004,more and more companies have begun to try the overall market this way,and the overall listing has also become an important way for Chinese companies to resolve the disadvantages of listing.After 2005,the government recognized the importance of the overall listing and successively issued a number of documents to clearly support the overall listing of companies.The overall listing is one of the key strategies for deepening reform of state-owned enterprises and state-owned assets,and is responsible for promoting the state-owned enterprises'state-owned assets reform.There fore,by studying the impact of the overall listing on SAIC's long-term performance,this paper has a practical significance for deepening the reform of state-owned assets and state-owned enterprises in China at this stage.In addition,the theoretical research related to corporate performance for overall listing is not yet mature in China.In the current analysis of overall listing performance,the vast majority of scholars believe that the overall listing has a positive effect on the short-term market,but for the overall listing The long-term performance of the company has its own opinion.So,what is the impact of the overall listing on the long-term performance of the company?At the same time,what is the path through which overall listing will affect corporate performance?So this article will discuss these two issues in the form of case analysis.First of all,this paper analyzes the overall listing status of listed companies in China,based on which a case analysis of SAIC's overall listing is conducted.Secondly,this article longitudinally analyzes the impact of SAIC's overall listing on the long-term performance of the company from the four perspectives of profitability,solvency,operating capability and growth indicators,and conducts a horizontal analysis with the average performance of the automotive industry;Finally,based on the theoretical analysis,this paper analyzes the effect of the overall listing on the performance from the perspectives of horizontal competition,related party transactions and equity structure,and validates the theoretical expectations.Through the analysis of the impact of SAIC's overall listing performance,the research conclusions of this paper are as follows:(1)The overall listing promotes long-term performance through four paths;(2)The injection of quality assets is the precondition for the smooth implementation of the overall listing of the company;(3)The overall listing can eliminate the disadvantages of splitting the listing and form the scale effect and synergy effect.The research implications of this paper are as follows:(1)The government should actively guide related companies to conduct overall listing;(2)Before the overall listing,it is necessary to strengthen the supervision over the quality of injected assets;(3)After the overall listing,it is necessary to strengthen the protection of the interests of small and medium shareholders.