| In the early stage of the development of China’s capital market,some state-owned enterprises have financing needs,but the overall assets of state-owned enterprises cannot meet the threshold for listing.In this case,spin-off listing arises as The Times require.Spin-off listing refers to the separation of non-performing assets to the parent company,and the listing of high-quality assets as a new company for financing.And with the continuous development of capital market,the disadvantages of spin off listing began to emerge,on the one hand,the subsidiary of asset quality,the parent company may use of related party transactions on nonperforming assets to subsidiary,the subsidiary of burden,on the other hand,the parent company may be in order to keep the fine performance of the subsidiary,there will be bad assets,at a high price to buy subsidiary products,resulting in the loss of state-owned assets.Therefore,the emergence of the whole listing is to solve the problems left over from the spin-off listing.The whole listing makes the interests of the parent and subsidiary companies converge and solves the problems of interest transmission and inter-bank competition.This paper selects the overall listing of saic as a case study.First,it introduces the basic situation of the overall listing of saic,introduces related parties,scheme selection,and the overall listing process.Then,it analyzes the operation mode and characteristics of the overall listing of saic.From the perspectives of related transactions,equity changes and financing constraints,multiple comprehensive indicators(including financial performance indicators,corporate governance indicators and market performance indicators)were selected to analyze the impact of the overall listing of saic on enterprise operating efficiency,financial performance and market return.Through the study,the following conclusions are drawn :(1)the overall listing reduces the scale of related transactions of saic,reduces the risk and possibility of profit transmission,and thus improves corporate performance.In this paper,the DEA model is used for research.Before the overall listing,saic had efficiency problems in 2007 and 2008.The reason is that the parent company sold subsidiaries to saic in these two years.However,after the group’s overall listing,related party transactions significantly decreased,which significantly improved the utilization efficiency of funds,which indirectly confirmed the negative impact of related party transactions on enterprise performance.(2)Saic group’s overall listing to the enterprise brought positive influence on financial performance,this paper tends to match score model screening and saic group’s overall listing before ROE with similar situation,to filter out the company formed a "control" plate,using DID(double difference model)analysis to saic,overall listing policy net effect,the empirical results show that the saic group’s overall listing,the ROE of 0.447% of the enterprise,the flow rate of 1.41%;(3)investors recognize the impact of the overall listing on the enterprise.This paper USES the event analysis method to conduct research and finds that the overall listing produces excess returns,indicating that the overall listing of saic has a positive impact on the stock price. |
