Research On The Performance Of The Overall Listing Of Wuchan Group

Because of the limitation of the quota and the capacity of early capital market in China,many companies that want to list adopt the way of stripping off some high-quality assets.With the frequent occurrence of related party transactions and inter-industry competition,the capital market has a deeper understanding of the role of holistic listing in integrating assets and promoting the optimal allocation of resources,holistic listing is becoming more and more popular.After merging its parent company,Wuchan Group,Wuchan Zhongda Group Co.,Ltd.completed all work related to the holistic listing in November 2015.With the restructuring progress of about one year,it has become the first provincial-owned enterprise in Zhejiang Province to practise mixed ownership system reform and holistic listing.This paper takes this case as the research object,on the basis of summarizing the relevant literature and theory of holistic listing,starting from the background and process of holistic listing of Wuchan Group,analyses the motivation and mode selection of holistic listing of Wuchan Group,and analyses the impact of holistic listing on Wuchan Zhongda Group Co.,Ltd.from three aspects of market reaction,financial performance and non-financial indicators.This paper also combines the agency theory and synergistic effect theory analyzed why the holistic listing affects the performance of enterprises.This paper uses the methods of literature research,case analysis,event study and financial indicator method to analyze the cases and finds that the short-term reaction of the holistic listing in the capital market is more positive,investors generally favor the reorganization event,but in the long run,the enthusiasm of the market gradually fades,and the positive reaction of the holistic listing can not be sustained.At the same time,after holistic listing,Wuchan Zhongda Group Co.,Ltd.has improved its profitability,solvency,operation ability and growth ability,its operating performance has been significantly improved.However,compared with other companies in the same industry,there are still some shortcomings:the company still needs to pay attention to the profit margin of the main business.After the holistic listing of the enterprise,it needs to be pay more attention to the efficient integration and allocation of' resources to achieve high-speed and sustainable growth of the enterprise.In addition,combined with non-financial indicators,this paper makes a comprehensive analysis of the effect of the holistic listing of' Wuchan Group,and finds that after the holistic listing,the overall quality of employees of'enterprises has been improved,the industry influence and competitiveness are greater,and the corporate governance mechanism become better.Finally,in the analysis of the reasons for the impact of performance,it is found that the holistic listing optimizes the ownership structure of listed companies,and it helps to play the advantage of scale and synergy effect.The possible innovation of this paper lies in the use of a variety of methods to conduct a more in-depth study of market reaction,financial performance and non-financial indicators in a single case.At the same time,under the background of the acceleration of the transformation process from traditional circulation industry to modem circulation mode in China,through the case study of the holistic listing of Wuchan Group,it can make up for the fact that there are fewer listing cases in circulation enterprises as a whole,and at the same time,it may also provide a reference for the restructuring and transformation of enterprises in this industry.