Research On The Overall Listing Model And Financial Performance Of Shenyang Aircraft Company Limited

In the early stage of Chinese capital market,because of the strict requirements for companies to be listed,in order to optimize the equity structure and promote the status and influence in the industry,many companies chose high-quality assets spin-off listing,of which many drawbacks appeared such as the increase of connected transactions and the violation of the interests of small and medium shareholders.Then overall listing received extensive attention.At the Third Plenary Session of the 18 th CPC Central Committee in 2013,it was proposed to further deepen the reform of state-owned enterprises.Compared with spin-off listing,overall listing as one of the important ways for the reform of state-owned enterprises can better optimize the equity structure,improve the management model of companies,give full play to the scale and synergistic effects and also promote the sound development of capital and securities markets.Shenyang Aircraft Company Limited belongs to China Aviation Industry Corporation(AVIC)and is a capital-intensive enterprise.Currently,the aerospace industry has become the key point of the competition between great powers,which is also the symbol of construction of innovative country.At present,china is gradually entering the military-civilian integration stage.How to raise funds and maximize the effectiveness of the funds has become the important topic that needs to be discussed.Taking the overall listing of Shenyang Aircraft Company Limited as research object,adopting literature research,case study and chart comparative analysis method,based on the existing research results and relevant theories,this paper sorts out the background,motivation and process of the company,elaborates the overall listing model of companies,that is,private placement approach,and conducts an in-depth analysis of the financial performance of the overall listing of companies.This paper analyzes the short-term market reaction of the overall listing of companies using event research method and the Tobin Q-value method.Through the financial indicator method,the EVA indicator analysis method and the DuPont analysis method,this paper studies the long-term financial performance of the overall listing of companies.After research and analysis,it was found that the relative positive financial results had been achieved in the short term by the overall listing of companies with positive market reaction.However,in the long run,the decrease of the growth rate of individual indicator should be also attached great importance.According to the analysis of the above financial performance,the paper seeks reasons for the change of the performance and case revelations are concluded at the same time.Shenyang Aircraft Company Limited has very effectively realized the securitization of military assets and was praised as the First Stock of Chinese Combat Aircraft.The operation process of the overall listing of companies has three steps including asset selling,asset purchasing and fund raising and it took approximately16.5 months.Overall speaking,various decisions and the goals of the business implementation are clear and the cohesion is effective,which is the good example of the reorganisation of state-owned enterprises.The overall listing of the company provides a convincing example for a series of policies to deepen the reform of state-owned enterprises and gives confidence to the asset securitization of the state-owned military industry.Its operating process and methods can be used as the template or reference for the asset securitization of the state-owned military industry,which is conducive to the advancement of asset securitization of state-owned military industrial units.