| Cross-shareholding is a company or mutual investment between the legal and other non-natural persons.In China,the cross-shareholding has originated in the 90 's of the last century,since 1998 Liaoning Chengda company limited each held the other with guangfa securities limited liability company shares since more and more listed companies corporate governance and earnings management purposes,such as cross-shareholding.Cross holding gains in the stock market fall of double role is prompting more and more attention.Air China Limited(hereinafter referred to as "Air China"),is the only company that set out the civil aviation companies flying the flag,as well as Star Alliance member of the largest aviation Alliance in the world,the world brand laboratory in 2013 evaluation was 76.568 billion yuan,is the first value brand of the civil aviation,can be said to be the leading airline industry,led the development of China's civil aviation industry.From 2006 to 2009,several times between Air China and Cathay Pacific shareholding modification to achieve cross-shareholding and deepening cooperation.Air China and Cathay Pacific cross-shareholding was chosen,mainly in order to consolidate its position as a hub,increase their strength in the regional competition.In addition,synergies of cross-shareholding has brought not only can let air get profits from Cathay Pacific,and also helps in cost control.Since the 2008 economic crisis,the international shipping market remains in the doldrums.Air China's positive response to the crisis,in 2009,to increase its stake in Cathay,cooperation between the two sides further their performance has gradually picked up.Compared to the same period of rival China Eastern Airlines and China Southern Airlines,Air China both in terms of passenger or freight transport performance recovery are better than the former,cross-shareholding resulting from economies of scale as well as in resource scheduling,financing,integration enterprises in terms of business structure with a lot of help.Cross holding is company capital operation of a common technique,is company development expansion of a common means,cross holding in we of economic life in the increasingly appeared,but due to its produced time more late,theory and practice territories on its research is enough in-depth,has has literature to theory research mostly,main concentrated in cross holding of causes,and accounting measurement,and company financial features,and merged report of profit distribution method,aspects,and for cross holding on listed company performance effect of research is rarely.Air China and Cathay Pacific cross-holding in listed companies,the case of a representative,the text is divided into five parts,based on company performance theories,factors that affect the company's performance and financial indicators.Combined with Air China and Cathay Pacific after the cross-shareholding situation of management,focusing on cross-ownership on Air China's impact on financial performance.And inductive analogy analysis method of Air China's financial performance in recent years compared with the competition between rivals,come to the cross-shareholding in implementation between the advantages and disadvantages of different enterprises.Through such change can draw valuable experience.The first part describes the background and significance of the thesis,with the rapid economic development,changing market environment,cross-shareholding has this form of cooperation between the companies are constantly changing.The results of cooperation between the companies eventually reflected in the company's performance.Analysis on the performance of listed companies in a certain extent,to reflect the cross-shareholding has this form of cooperation for which industries and which companies can cross-shareholding company gains or losses.In addition,the first part summarizes available information regarding the cross-holding motivations,as well as research on the effects of cross-holding on corporate performance,for subsequent analysis and perspective of the article lay a solid theoretical foundation.The second part is about the theoretical basis of cross-shareholding,including the type of cross-shareholding,cross-holding motivations,cross-holding on corporate performance impact theory and performance analysis of theories and methods of assessment.This part is mainly based on existing research and case combined reach cross-shareholding refers to two or more between firms that hold shares,forming interconnected relationship between ownership structure.Cross-holding motivations which are summarized as: Organization hostile mergers and acquisitions,strategic alliances,enterprise finance,acquire a monopoly position.In this part of the thesis introduces financial index analysis method and the EVA index analysis both company performance analysis.Part ?,and part ? is the core content of the article,the third part from Air China and Cathay Pacific's basic profile,cross-holding motivations on both sides,both cross-shareholding has experienced three introduces the process of Air China and Cathay Pacific's basic situation of cross-holding case.Case background based on chapter III,in the fourth part of the paper from profitability,operational capacity,solvency and growth capacity for Air China in recent years,financial data analysis,combined with the performance of the competitors in the same period,analysis from both the vertical and horizontal cross-shareholding has impact on the air.Cross-shareholding for Air China's rapid recovery after the global financial crisis itself played an important role in promoting profitability,but sluggish shipping market overall condition air has to take greater risks than the competition because Cathay Pacific air directly affects the performance of investment income.Therefore,cross-holding in a sense is a "double-edged sword."In the last part of the thesis combines case studies,made the revelation about the cross-shareholding,mainly from the correct and careful selection of cross-shareholding partner,accurately grasp the process of cooperation and share experience in aspects of cross-shareholding,but also from the level of supervision and risk control to summarize the relevant experience.Through reference existing research results,combined air and country Thai aviation cross holding of case analysis,main obtained following several conclusion: first,cross holding company in integration advantage resources,control cost,aspects has larger advantage;second,cross holding cooperation object and the cooperation timing of select will on company produced major effect,is not all cross holding company are can from gets returns;third,cross holding is a put "double edged sword",in health of market environment,cross holding can for company brings more big of returns,In the case of poor market conditions,cross-shareholding is likely to worsen the profitability of the company.The major innovations and improvements in this article: in the existing research results,is more on the types and motives of research cross-shareholding,influence of cross-holding on corporate performance is relatively less.We use classification methods of analysis,background to the actual case analysis on influence of cross-holding on corporate performance,and based on the experience and inspiration,hoping to provide references for corporate executives. |
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