| The innovation of the financial model has made the world’s financial development increasingly liberalized.In this wave,financial holding companies with integrated integrated management and management have gradually developed into the trend of the times.At present,most of the international financial holding groups are dominated by mature financial institutions and large industrial capital groups,such as Citibank in the United States,Deutsche Bank in Germany and Mizuho Group in Japan.In China,state-owned enterprises and central enterprises are the leaders and major forces of large-scale industrial capital groups.They can use their own strong industrial capital advantages to promote the development of the Group’s financial business,and promote the long-term development of enterprises through the combination of industry and finance.Under the background of the current state-owned enterprises and central enterprises implementing mixed ownership reform,more and more central enterprise financial holding companies have explored landing capital markets,and it is of practical significance to conduct relevant research on this phenomenon.When conducting research on the integration and listing of CNPC Capital,combined with the relevant theory of financial holding company listing,by analyzing the motivation and effect analysis of China Oil Capital’s integrated listing,certain conclusions and inspirations can be drawn.In the specific research process,firstly summarize and analyze the related concepts and theories of the financial holding company’s listing,and introduce the basic situation of the integration of China National Capital Corporation’s listing with the relevant background;then,from the three sub-finance subsidiaries of Petro China,China National Petroleum Corporation and Petro China From the perspective of the analysis of the motivation of the listing of central financial institutions.The main reasons for the study are as follows: First,the prospect of the internal combustion engine industry in the oil and diesel industry is worrisome,and the financial assets of the group are injected into the *ST company to realize the listing of the financial holding company,which has saved the shell resources of the oil and firewood.Business transformation;Secondly,CNPC’s need to broaden financing and optimize the layout of state-owned assets,further deepen the demand for integration of industry and finance needs to integrate financial sector business and go public;Finally,the long-term development needs of various financial subsidiaries of Petro China,the integration of listing can not only seize Financial markets can also broaden financing channels.Through the analysis of the financialeffects before and after the integration of China National Capital Corporation,the market effect after listing and the strategic value effect,it is found that the integrated listing has brought a substantial positive impact on the financial performance of CNPC Capital.Judging from the market reaction,the integration of China National Capital Corporation’s capital has produced a value creation effect.In terms of strategic value,the integration and listing of CNPC Capital eased the financing pressure of CNPC Capital,optimized the organization and governance structure,and achieved synergy by promoting business cooperation and cross-selling to improve the company’s revenue.Through the study on the integration and listing of China National Capital Corporation,it is known that the asset swap under the same control right is a convenient route for the listing of central enterprise financial holding companies.The integrated listing of central enterprise financial holding companies can improve their own efficiency.The integrated listing of central enterprise financial holding companies can accelerate the integration of the Group’s production and financing.At the pace,the integration of listed companies and financial holding companies has opened up investment and financing channels for other companies that need funds. |
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