Research On The Overall Listing Performance Of Enterprises Under The Mode Of Share Exchange,absorption And Merger

With the development of China’s capital market becoming more and more mature,the enterprise growth model has also developed from the reference model to the unique model of China’s capital market.The concept of overall listing also came into being,which attracted the attention of state-owned enterprises.This method can not only effectively avoid potential horizontal competition and overcome the problems caused by related party transactions,optimize the internal ownership structure of the enterprise,but also solve the inherent disadvantages of spin off listing and provide endogenous strength for the company,so as to improve the internal value of the company.As an enterprise that has won the "China top 100 enterprise award" for three consecutive years,China Merchants highway is the representative of the overall listing of the transportation industry.The research and analysis of the motivation and enterprise performance of the overall listing of China Merchants highway through case study can help to improve the overall listing theory and provide decision-making reference to relevant enterprise managers.This paper combines theory with practice and takes China Merchants highway as a case to study and analyze its overall corporate performance after listing.Firstly,it combs a large number of domestic and foreign literature on overall listing,and takes corporate governance theory and economies of scale theory as the starting point to lay a solid foundation for the analysis of overall listing of China Merchants highway in the following paper;Secondly,based on the theoretical basis,this paper briefly introduces the case of China Merchants highway,mainly expounds the scheme content of the overall listing and trading process,and analyzes the reasons for choosing the stock exchange absorption and merger mode;Thirdly,use the event analysis method,financial analysis method and non-financial analysis method to evaluate the enterprise performance of the overall listing of China Merchants highway,and put forward opinions on the deficiencies and subsequent development in the process of the overall listing of China Merchants highway;Finally,it summarizes the case study and gives corresponding enlightenment for the overall listing of state-owned enterprises in China.This paper comes to the following findings based on the preceding research and analysis:(1)The China Merchants Expressway fulfills its objectives of minimizing horizontal rivalry,efficiently integrating resources,and optimizing enterprise management structure through the overall listing;(3)Non-financial performance such as employee quality,industry competitiveness and influence,corporate governance structure,technical skill innovation,etc.has been improved;(4)The long-term financial performance has not improved significantly.According to the above conclusions,the enlightenment of this paper is drawn:(1)Enterprises should prudently choose the overall listing plan;(2)Select high-quality target companies to ensure the quality of injected assets;(3)Continue to strengthen the integration of follow-up resources for overall listing in the later stage,and improve the efficiency of restructuring;(4)Appropriately pay attention to the social performance of enterprises,give play to the leading role of state-owned enterprises,and avoid taking the improvement of enterprise financial performance as the only business goal.