| In China,the holistic listing is regarded as an essential means to solve the problems in the spin-off listing.Since the launch of the holistic listing,more than 100 enterprises have successfully completed the holistic listing,among which state-owned enterprises account for the majority.In 2015,the holistic listing was identified as an important measure to deepen the reform of state-owned enterprises,and then a variety of policies were introduced to support the holistic listing of high-quality group enterprises.Therefore,under the guidance of public policies,more and more enterprise groups intend to achieve corporate transformation,improve enterprise operational efficiency and enterprise performance through holistic listing.Due to its function of public-opinion guidance,publishing and media industry has historically existed in the form of public institutions or state-owned enterprises.With the deepening reform of state-owned enterprises,publishing and media enterprises have realized corporate transformation and enhanced their comprehensive strength through holistic listing.Zhongyuan Media selected in this paper is the first state-owned large-scale publishing media enterprise in Henan Province that has achieved holistic listing.The comprehensive researches on the impact of Zhongyuan Media's holistic listing on corporate performance provide relevant suggestions for its subsequent development as well as operational basis and enlightenment for the state-owned enterprise groups that have been or will be listed as a whole.This paper firstly reviews literature at home and abroad of holistic listing,corporate performance and the influence of holistic listing on corporate performance,and provides a preliminary understanding of the research status of the holistic listing at home and abroad.Then it defines the relevant concepts of holistic listing and corporate performance.The theoretical basis of the full text is then summarized.On the basis of literature review and theoretical basis,this paper summarizes the specific schemes and motivations of the holistic listing of Zhongyuan Media,constructs the comprehensive score function of corporate performance by using factor analysis method,and observes the change of the comprehensive score of enterprise performance before and after the holistic listing of Zhongyuan Media,and the performance in the listed sample state-owned enterprises that have also achieved the holistic listing.Secondly,the average value of five comparable enterprises in the same industry is selected,and further comparative analysis is conducted through financial indicators to explore whether the improvement of the performance of Zhongyuan Media is brought about by the holistic listing.Then this paper focuses on the plan factors,injected assets,industrial factors,related party factors and financing factors dissects the reasons for the improved performance of Zhongyuan Media after the holistic listing.This paper can be concluded as follows:(1)The holistic listing is indeed helpful to improve the corporate performance of Zhongyuan Media,and the short-term benefits are particularly significant.(2)On the one hand,Zhongyuan Media has chosen the appropriate timing of holistic listing and has planned ahead of time,which paves the way for the improvement of corporate performance in all aspects.On the other hand,Zhongyuan Media adopted the private placement mode to achieve holistic listing,which provided sufficient cash flow and reduced short-term debt risk.(3)The holistic listing of Zhongyuan Media is conducive to the integration and optimization of group resources.On the one hand,the injection of large-scale high-quality assets is conducive to improving the profitability and solvency of the enterprise,and the integration of human resources is conducive to the improvement of operational capacity;on the other hand,the accelerated upgrading of the original publishing industry and the extension of industrial chain are forming economies of scale,which boosted the profitability and operational capacity of the enterprise.(4)The holistic listing solves the problems of horizontal competition and related party transactions,enhances profitability,solvency and operational capacity.(5)Zhongyuan Media improved the capital platform,the expansion of financing channels and the transformation of financing strategies are conducive to the enhancement of solvency.(6)Although the holistic listing improves the corporate performance,the enterprise should pay attention to the integration and management of follow-up resources after the holistic listing,refine the cost control,and promote the long-term and stable development of the enterprise. |
