This paper uses the accounting study method，improved FA-DEA，event study method and tobit regression method to study the efficiency changes of listed companies implementing holistic listing and their influencing factors，and constructs a theoretic model to explain the empirical results． The empirical results show that，although holistic listing increases the controlling proportion of listed companies for major shareholders and expands the operation scale in the short-term，it does not accordingly improve the profit and efficiency and excess earnings for their long-term investors． The regression also finds that holistic listing and the state-owned property of major shareholders have negative impacts on efficiency． The theoretic model indicates that the new asset injected by major shareholders is likely to be“bad asset”in contrast to the old asset of listed companies and that it doesn’t create new value． These findings mean the seeming “propping”may be “tunneling”in fact，and holistic listing may become a new way for benefit expropriation．