Research On The Effect Of Haohua Technology’s Overall Listing

In order to maintain the operating ord er of the capital market and solve various problems caused by separate listing,the state has vigorously promoted the reform of equity division.As a result,the overall listing as a new financial model emerged in China.In 2004,the overall listing kicked off in my country’s capital market.Compared with the separate listing,the overall listing can not only solve the problems of long-term related party transactions,horizontal competition,parent company and major shareholder violations,but also can inject new growth vitality into the company.The overall listing can make full use of capital market resources,thereby enhancing the group enterprise The overall operating quality promotes the further expansion of the scale of the enterprise and enhances the competitiveness of the enterprise,which is ultimately conducive to the healthy and sustainable development of various industries in our country.Therefore,the overall listing model is increasingly valued by my country’s capital market,and it has a tendency to dominate the world.The overall listing boom is surging,and its research is also of profound significance.Taking Haohua Technology as the research object,combined with the development status and correlation theories of overall listing at home and abroad,this paper analyzes the mode,process and motivation of overall listing of Haohua Technology,and focuses on empirical research from three aspects: financial effect,synergistic effect and governance effect.This paper uses the event research method to analyze the short-term market performance of Haohua Technology’s overall listing,and uses the financial index method and economic value-added method to analyze the changes of its long-term financial performance after the overall listing.The results show that Haohua technology’s overall listing improves its financial performance;From the three aspects of business synergy,management synergy and business synergy after the overall listing,it is found that the management level and business achievements of Haohua Technology have been significantly improved,and Haohua Technology has produced positive and effective synergy.According to the three aspects of ownership structure,internal governance and related party transactions,this paper studies the impact of overall listing on corporate governance effect.It is found that the overall listing of Haohua Technology has produced the phenomenon of "one share dominating" of the controlling shareholder,which intensifies the concentration of the company’s equity.The company has not reduced related party transactions,but the transaction volume of related parties has increased,which has brought a certain negative governance effect to the company.Finally,the paper draws some enlightenment and reference,and tries to provide some operable practical experience and suggestions for the subsequent enterprises that will be listed as a whole.