The Impact Of Overall Listing On Company Performance

With the development of China's securities market,the drawbacks of spin-off and listing have gradually emerged.For example,horizontal competition behaviors and related transactions have reduced the efficiency of resource allocation and thus reduced company performance.The overall listing has been highly anticipated by the market,hoping to effectively solve the problems brought about by the spin-off.At the same time,the SASAC and the CSRC have vigorously promoted the overall listing of enterprises since 2002.Therefore,it is of great significance to study whether the overall listing can improve the company's performance.On August 18,2015,Greenland Group successfully completed the overall listing by means of Jinfeng Investment and officially entered the A-share market.This paper takes the overall listing case of Greenland Group as the research object,and discusses how the performance of listed companies after the overall listing changes and the path through which the overall listing affects the performance of listed companies.Based on the background,motivation,overall listing mode selection and specific implementation plan of Greenland Group's overall listing,this paper analyzes the impact of overall listing on performance from three aspects: external financing constraints,diversified industry synergy and corporate governance mechanism.And use the event research method to study the short-term market performance brought by the overall listing and use the accounting research method to study the financial performance brought by the overall listing.The research in this paper finds that the green market has brought positive short-term market performance through the overall listing,which has improved the company's profitability,operational capability and growth ability,but has not improved the company's solvency;positive market performance and improvement of the three capabilities.Benefiting from the overall listing of the company,the external financing constraints have been alleviated,and the related industries have been avoided through diversified industrial synergies.However,it should be noted that the solvency has not been improved due to the overall listing of green space.The enlightenment of this paper is as follows: When encouraging the reform of state-owned enterprises,the method of listing as a whole is often adopted,because the overall listing can bring about an increase in profit,operation and growth.However,at the same time,we must see that although the overall listing can avoid the related transactions and horizontal competition brought about by the spin-off,the listing of its overall business sector will exert greater pressure on the solvency of the entire listed company.There will be certain financial risks to the company.Therefore,companies need to pay attention to this when they go public.