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Performance of listed companies in China's overall

Author: QinJuanJuan
Tutor: XiangXianHu
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: The overall market Spin-off Stock Market Corporate Performance
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 177
Quote: 3
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Abstract

China's capital market from scratch, after ten years of development, has become an important part of the national economy. However, due to historical reasons, most of our group of companies Listed companies are stripped from its operating assets out of a high profitability, growth prospects good assets listed, namely \Spin-off of China's stock market is a product of specific historical conditions, along with the deepening of China's economic reform, exposed many problems. Spin drawbacks mainly due to: the company's internal operations tend to have more contact, they often lead to spin-off and controlling shareholders of listed companies and their related party transactions between affiliated companies and competition and other issues. The overall market can be seen as businesses of their boundaries adjusted. Compared with the spin-off, the overall market is conducive to eliminate related party transactions, the bigger and stronger asset quality, financial innovation for the market to expand the space, state-owned joint-stock reform is a good way. Generally speaking, the overall market is conducive to play our industry and management advantages, reduce transaction costs and the market is conducive to improve resource allocation function of the market and industry integration, increase market efficiency and operational quality. As a financial innovation, the overall market will have a positive impact on China's securities market. This paper mainly from the following aspects of the overall market-related issues were discussed: Part I: Introduction. Main topics of this paper describes the background and significance, purpose and contents, methods and main contributions and shortcomings. This study aims to: reflect on the need for measures of the overall market; using standard analysis to assess the overall listing regime applicable conditions; through empirical studies reveal the overall market and firm performance; According to the conclusions, to promote the level of performance of listed companies improved policy advice. This paper mainly the following aspects: First, possession and analyze literature, research-related theoretical foundation; Second, it analyzes the meaning of the overall market, the basic conditions, patterns, and various factors affecting the performance of the company; then select the sample, with financial indicators, through the comparison of the data to analyze the overall impact of the listing of the company's performance; Finally, policy recommendations based on research findings. In this paper, the use of standardized analysis and empirical analysis of these two research methods. Part II: the overall market literature review and the theoretical basis of the overall market. In this paper, the 2005 split share reform as the demarcation point to the split share reform were reviewed before and after the share reform of listed domestic scholars on the overall point of view. Current corporate performance evaluation methods are: the traditional financial indicators (such as earnings per share (EPS), ROE (ROE) and return on assets (ROA)), Tobin's Q, Balanced Scorecard, and economic value added EVA and Market Value Added MVA method. Financial sector theoretical literature about the overall market is still limited and scattered, the paper only from the management of the enterprise boundary to do basic analysis of the concept elaborated. The overall market can be seen as its frontiers enterprises to adjust the Group's parent company and subsidiaries related party transactions between the vast majority of businesses are converted into listed company's internal allocation of resources, which is obviously conducive to long-term development of listed companies, but also conducive to the whole enterprise group to reduce transaction costs and achieve optimal asset allocation efficiency. However, by the overall market to establish appropriate boundaries is not unconditional, if different lack of complementary assets, these assets operate within the same organization or allocative efficiency gains are decreasing, it should not be involved in the overall market. Part III: the overall market Motives, conditions and modes. Called the overall market, refers to a company whose principal assets and operations of the overall restructuring of the practice of listing of shares of companies, which is corresponding with the spin-off. Enterprises chose the overall market, both external environmental factors have driven enterprise intrinsic motivation, their overall listing of intrinsic motivation can be explained from the efficiency of market forces and economies of scale to explain these three areas. From the domestic capital market scenario has occurred, the overall listing of modes include three basic types: \The so-called \This mode of representative case of TCL Group's overall market. The so-called \This model is widely used at present, Wuhan Iron and Steel are used in this mode. The so-called \This mode is a typical case is the first to Hualian Department Store shareholders through the issue of shares for convertible directed (conversion ratio 1:1.114), merger Hualian achieve the overall market. Part IV: The overall performance of listed companies analyzed. This paper selected in 2004 to 2007 the overall listing of 27 companies, 27 companies by studying the overall market this two years ago to a total of four years, one year after the overall market performance reflects the company's earnings per share and return on net assets of these two financial indicators of trends, analysis of the overall market impact on corporate performance, and with the overall listing of TCL case analysis of the state. Through empirical analysis shows that the overall market in the enterprise into a listed company if the quality assets, you can greatly improve the overall performance of listed companies, to improve the profitability of listed companies, and in the overall market after its profitability could continue to grow, so in general view the overall market has a great advantage. However, the overall market is not perfect, the existence of the following questions: First, the overall listing of the lack of relevant laws and regulations and supporting policies; Second, large-scale expansion of the overall market will increase the pressure on the securities market; first Third, the overall quality of the assets listed on the lack of system security, tradable shareholders may cause damage; Fourth, the overall market can not solve the fundamental issues of corporate governance; Fifth, the overall market presence of large shareholders misappropriating disguise hidden; Sixth, the overall market difficult to realize the depth of the core competitiveness of industry consolidation. Then this paper, the practical aspects of the overall market, noting that the overall market is gradually solve the above problems exist, the regulatory authorities need to take appropriate measures. Part V: in the specification and empirical research findings on the basis described in the current financial market environment to play the overall market conditions, the effect of investment risks faced by investors and owners of investment opportunities. Main contribution of this paper is: First, this article on the merits of the overall market from both theoretical and empirical aspects of the in-depth study. Because although China has many scholars conducted research on the overall market, put forward many views, but the overall market for the discussion of common in newspapers, have not formed a shape of the effective theory, but also lack of systematic research, and in many There are different views on the issue. In this paper, on the basis of existing literature, from the theoretical and empirical aspects of the merits of the overall market for a more systematic study. Second, this paper has been achieved through a case study the overall market, or for those who are preparing the future of the overall market state-owned enterprise groups to provide the basis and inspiration. From a practical sense, the overall market emerged as a hot spot on the stock market: on the one hand, that same government policy support are inseparable; hand, also helps to reduce the overall market because of listed companies and related party transactions between the parent company play a conglomerate industrial advantages, enhance resource allocation function of the market and industry integration, listed companies to promote bigger and stronger. This has been achieved through a case study of the overall market, revealing the overall problems of the listing process, the overall market to prepare for the upcoming business group providing inspiration. Third, the paper through 2008 before listing 27 to achieve the overall listing of the company's overall profitability compared before and after the empirical analysis of the performance of listed companies to achieve the overall trend, indicating that the overall market impact on the profitability of the company. The inadequacy of this article lies in the earnings per share (EPS) and return on equity (ROE) as the evaluation indicators of the overall performance of listed companies, there is a certain one-sidedness, but also easy to think that these two indicators manipulation. In addition, although the author examines the four years, but the research is still cross-section, as corporate performance is very susceptible to economic cycles and industry-specific impact of certain major events, so the result might be a great deal of uncertainty .

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