Research On The Influencing Factors Of Holistic Listed Companies Performance

The overall listing boom has intensified in China's capital market,which has a significant impact on the development of China's listed companies and capital market.It is worth studying whether the overall listing can improve the current situation and make the listed companies bigger and stronger.The current research literature focuses on the performance measurement after large shareholders' asset injection,and a complete theoretical system has not yet been formed for the study of capital operation mechanism of overall listing.Under this background,this paper tries to use the selected samples to further study whether the overall listing can improve the current situation,and the operation mechanism of the overall listing.This paper adopts the research methods of normative research and empirical analysis,describing the long-term performance of listed companies before and after the overall listing,and exploring the operation mechanism.In the empirical part,corporate performances from the year before large shareholders' assets injection to two years after that are ranked comprehensively by using factor analysis method,and the regression model is estimated to investigate the effect of ownership concentration degree,the main fresh value and company growth on corporate performance.The results show that in the selected 131 sample companies that achieve the overall listing by targeted placement,about 50% of them have improved performance after overall listing,and the number of companies whose performances improve is gradually increased,but the conclusion that large shareholder asset injection can improve the company's performance does not pass the Wilcoxon rank test.Overall,the overall listing does not significantly improve the comprehensive performance of the listed companies,mainly because the overall listing has hedged the favorable and adverse effects of the company,which makes the overall effect nonsignificant.Secondly,the larger the large shareholders(or controlling shareholders)subscribed shares' ratio is,and the more concentrated ownership,the better the performance of the company is;the main business characteristic and the performance of the company are positively related,after the introduction of the dummy variable of whether the company is overall listed,the relation of the interaction term of two variables and corporate performance is significant positive correlated,indicating that the main business promoting enterprise development is the mainstream phenomenon in our country,and the overall listing promotes the development of the company's main business growth,and enhances the core competence.The growth index of the company is not significant correlated in the model regression.The reason may be that growth indicators are implicit and long-term indicators,rather than the concerns of controlling shareholders in asset injection.To sum up,the change of ownership structure and the increase of the main industry's brightness have a significant impact on the financial performance of listed companies.Finally,we put forward our own views on the overall listing: because the development of China's securities market is not very perfect,and the particularity of the state-owned enterprise background,it is not suitable for carrying out the large-scale overall listing during a short time;and the injection of assets is very important to the performance of mergers,and the quality of the injected assets should be strictly guarded.