Research On The Overall Listed Performance Of Citic Group Under The Background Of "Mixed Reform"

In 2013,the Third Plenary Session of the 18 th CPC Central Committee pointed out that it is necessary to actively develop a mixed ownership economy and further clarify the development direction of the mixed ownership economy,which has become a strong support for deepening the reform of state-owned enterprises.In September 2015,the top-level design proposal for deepening the reform of state-owned enterprises was introduced.As one of the effective ways for the mixed ownership reform of state-owned enterprises,the overall listing may be the direct method of initial public offering after the reorganization of state-owned enterprises,or it may be the indirect method achieved through means such as asset reorganization with listed subsidiaries.Compared with the "split listing" at the initial stage of China's securities market development,which many companies have listed their ?quality assets? first,the overall listing will not only reduce internal related party transactions,integrate internal and external resources,and achieve synergy,but also promote the healthy and orderly development of the securities and capital market.Therefore,the research on the overall listing is urgently needed.As various provinces and cities have successively introduced the mixed reform plan of state-owned enterprises,the overall listing takes this opportunity to gradually be noticed.In August 2014,CITIC Group borrowed CITIC Pacific's shell listed,completed the overall listing on the Hong Kong Stock Exchange,which established a new benchmark for the mixed ownership reform of state-owned enterprises.This article analyzes the overall listing process of CITIC Group and the performance,which can provide reference for other state-owned enterprises on whether they need and how to proceed with the overall listing.This article first summarizes the relevant theories and concepts of domestic and foreign scholars' research.On this basis,the contents,motivations,and patterns of mixed ownership reform and overall listing were sorted out.Then,combined with the company's internal and external environment and impact,analyzed the motivations and processes of the CITIC Group' overall listing.Secondly,through the combination of quantitative and qualitative research on the performance of the overall listing,the event study method was used to calculate the abnormal return rate and cumulative abnormal return rate before and after the overall listing,and it was found that there was a significant wealth effect in the short term.Then the event study method was also used to calculate 40-month BHAR before and after listing and found that long-term performance improvement does not persist.After analyzing related financial indicators from 2013 to 2016,it was found that the company's long-term performance was not obvious,but it had a favorable impact on the ownership structure,corporate governance,and synergies;finally,the conclusion of the overall listing case was summarized and given relevant enlightenment.This article expects to be able to provide reference for related content of the overall listing of state-owned enterprises' mixed ownership reform in China through related research.