An Empirical Study Of The Impact Of Overall Listing On Enterprise Performance

Under the conditions of socialist economy with Chinese characteristics,the phenomenon of spin-off and listing in China has gradually increased.However,in the process of development,its shortcomings have gradually revealed that related transactions have adversely affected enterprises and small and medium-sized shareholders,which is not conducive to the healthy competition of listed companies in China.And development.As a unique model in China,the overall listing will not only alleviate the problems of related transactions and non-compliance guarantees arising from the spin-off and listing,but also promote the integration of enterprise resources,improve the industrial structure and promote the enhancement of corporate value.This paper synthesizes the research status of the overall listing of enterprises at home and abroad,and defines the overall listing and corporate performance concepts.This includes the definition and measurement of the drivers,models and corporate performance of the overall listing.The theoretical analysis puts forward the influence of the overall listing on the performance of the enterprise,the effect of the overall listing of the enterprise on the performanc e of the enterprise under different modes,and the impact of the different equity nature of the overall listed company on the performance of the enterprise under the private placement mode and the equity of the listed company under the private placement mode.The impact of concentration on firm performance and the hypothesis based on research theory.The empirical analysis adopts the regression analysis method,selects the overall listed enterprises in 2007-2016 as the research sample,selects the experimental group and the control group by the double difference propensity score matching method,and examines the influence of the overall listing on the enterprise performance through the tendency matching score;Investigate the impact of the overall listing on corporate performance and conduct a stability test,and summarize the conclusions based on empirical analysis.The empirical conclusions show that the implementation of the overall listing has a positive impact on corporate performance.If the company rea lizes the directional private placement method for the whole listing,the enterprise performance will have a positive effect.If the company adopts a share swap and merger method in the overall listing process,the company's performance will have a positive effect.There is a difference between the two,the former is better.The ownership structure and the nature of equity under the private placement model have a significant impact on the performance of the overall listed company.At the end of the paper,relevant suggestions are put forward.Regulators should reasonably encourage the overall listing.Enterprises should choose the appropriate listing model and optimize the shareholding structure to provide reference for qualified enterprises to implement the overall listing strategy.