| This paper mainly discusses the impact of the overall listing on the value of China’s power construction through theoretical and case studies.Firstly,by comparing the changes of China’s electricity construction related indicators before and after the overall listing,we hope to find out which indicators have changed for the enterprises after the overall listing,and then have an impact on the value of the company;secondly,through the impact of the overall listing on the value of the company.Event study is to analyze the specific events of the overall listing of China’s power construction companies(the purchase of major assets and the issuance of preferred shares to raise supporting funds),and to calculate the impact of the overall listing on the company’s new expected value,so as to reflect the impact of the overall listing on the value of China’s power construction companies.Thirdly,by calculating the impact of the overall listing on EVA of the company,it evaluates whether the overall listing of China’s power construction will improve the business performance of the enterprise,and whether it will have a positive value effect on the enterprise;finally,it discusses the impact of the overall listing on other aspects,mainly based on corporate governance,technological innovation,energy conservation and environmental protection.And social performance,and so on,to discuss the changes of corresponding indicators before and after the overall listing.Through the above analysis,we find that the integration of domestic highquality enterprises in the fields of water conservancy,hydropower,wind power survey and design,construction and construction formed by the overall listing of China’s power construction,continuously strengthens the synergy effect of the integration of their industrial chains in the fields of water conservancy,hydropower and wind power,enhances the core competitiveness of enterprises and the development ability of enterprises.Power and operating capacity have a positive impact;it also enables China Electric Power Construction to face unpredictable environment,the performance in the stock market and the financial increase to shareholders are always better than the industry average level;at the same time,the overall listing of profitability and solvency has not significantly improved,but avoided the public sector.In addition,due to the continuous increase in investment in R&D,energy conservation and environmental protection,employment absorption,employee protection,safety production and external donation,China’s power construction enterprises have a bright technological innovation capability.The remarkable promotion and the remarkable increase of social influence have provided good manpower,technical support and a good social image for the future development.According to the reaction of the short-term capital market after the overall listing,the overall listing of China’s power construction through the injection of high-quality assets has been supported by the majority of investors.The field gave a positive response to this.So far,our country central enterprises research case study on the value of chinese listed enterprise are not that much.Through this study,we could get deeper understand of the change and enterprise value of central enterprise among the listed enterprises,and add more central enterprise research case study on the value of listed enterprise. |
