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

Since the Third Plenary Session of the 18 th Central Committee put forward the policy plan of "developing the mixed ownership economy",the wave of mixed ownership reform has been in full swing,and many state-owned enterprises and state-owned enterprises have been moving,and the overall listing as one of the paths of mixed ownership reform has gradually become a hot issue in China's capital market.In the initial stage of the development of China's securities market,compared with the split listing of many enterprises to take the lead in listing their high-quality assets,the overall listing can integrate the internal and external resources of the enterprise,improve the efficiency of resource allocation,and the overall listing can effectively improve the corporate governance of the Group,promote the strategic transformation of the Group,and then improve the performance of enterprises.Therefore,there is an urgent need to study the overall listing.As the first large state-owned enterprise in mainland China to complete the overall listing in Hong Kong,CITIC Group's experience will have important reference value for other large enterprises to explore the overall listing.This case study combines theoretical analysis with case studies,selects CITIC group's overall listing case as the research object,and explores the core issue of "the impact of the overall listing of CITIC Group on the company's performance".On the basis of consulting a large number of literatures,this case study first reviews and summarizes the related research of mixed ownership reform and overall listing,and then this case study collates the theory of the impact path of the overall listing on the company's performance from the perspectives of resource allocation and governance mechanism.This case study combs the process analysis of the overall listing of CITIC Group under the background of mixing reform,and the CITIC Group selects a reasonable listing plan based on the rational ity of the overall listing of CITIC Group using the theoretical basis of the previous combing.At the level of resource allocation,the Group has reduced the competition of the industry,realized economies of scale,eased the financing constraints and reduced the financing cost,and at the level of governance mechanism the Group has perfected the equity structure and promoted the strategic deployment of the Group.Next,this case study compares the performance evaluation method,selects the event research method and the EVA-based financial performance,calculates the performance change before and after the listing of CITIC Group,and draws the conclusion of the overall post-listing performance improvement of CITIC Group.The successful experience of CITIC Group has revealed that other large enterprise groups in China that explore the overall listing should reasonably choose the time of listing,use the national mixing policy,combine the long-term development strategy of enterprises to reasonably choose the listing mode,the listing location and pay attention to the integration of resources after the overall listing.This case study hopes to provide reference for the reform of mixed ownership of state-owned enterprises in China through the in-depth study of the overall listing of CITIC Group.