Analysis On The Motivation And Performance Of CITIC Pacific Group In The Reverse Purchase Of CITIC

Since the outbreak of the economic crisis in September 15,2008,apparently its negative influence has gradually weakened,but the analysis of the capital market can be seen:economic growth is slowing down,increasing the uncertainty factors,the overall economic environment is far less than before the crisis so optimistic.In such a big environment,all the enterprises at home and abroad have brought many challenges to the economic development.Therefore,any enterprise must strengthen their strength,seize market share and enhance competitiveness.Listing the company as a whole will become the only way for high quality enterprises to achieve the ultimate goal of becoming bigger and stronger.At the same time,proposed "the development of mixed ownership economy policy" since many of the central enterprises.The typical way of reverse purchase is backdoor listing,which has the advantages of low cost and high efficiency that traditional IPO listing does not have.Therefore,backdoor listing will become a trend.The acquisition of CITIC Group,CITIC Pacific in cash and placing of new shares in the form of(the controlling shareholder of CITIC shares held by CITIC Pacific shares in issue number 57.51%)100%equity shares of CITIC,the signing of the framework agreement and after the completion of the acquisition,it will be 225 billion yuan of shares of CITIC CITIC Pacific injection,to achieve backdoor listing in Hong Kong,has also become a topic of market.As a large central enterprises CITIC Group,CITIC Pacific sub listed companies through the shell,successfully listed on the Hongkong capital market,but also set an example for more central state-owned enterprises mixed reform,points out the broad road another fast market.The first chapter of the thesis research background,research significance,basic ideas,research methods and innovations are described;the second chapter systematically reviews the domestic and foreign related motivation and performance of the backdoor listing of the literature,on the basis of summarizing domestic and foreign literature on theoretical research for backdoor listing and performance,which leads to the research framework of this paper writing;the third chapter first gives a brief introduction of the basic situation of the reverse purchase,combined with the characteristics of purchasing both themselves and the whole process of backdoor listing process,backdoor,backdoor,driver performance as the main line to a logical description of the CITIC Group,CITIC Pacific backdoor listing the whole process;the financial data in the fourth chapter network and other authoritative financial websites on the basis of the disclosure of the CITIC Group,based on the financial indicators of long-term financial effect Quantitative analysis and qualitative analysis of corporate governance structure comprehensively and comprehensively evaluate the performance impact of CITIC Group's backdoor listing,and the fifth chapter is the research conclusions and counter measures proposed for the reverse purchase.This paper uses the event study method and accounting research method,systematic analysis of CITIC Group,short-term market performance and long-term financial performance,the CITIC Group,CITIC Pacific backdoor listing events overall short-term market performance is significantly positive,the research conclusion is not significant long-term financial performance.This article is a useful supplement to the case of the study of the backdoor listing,and also complies with the requirements of the times to provide suggestions for more companies to go on the market.