A Study On The Impact Of Cross-shareholding On PetroChina's Financial Performance

The effect of the reform of state-owned enterprises in 2015 was obvious,which attracted the attention of all sectors of society.The reform of key areas such as oil and steel entered the pilot phase in 2017.Although the cross-shareholding is widely used in the reform of state-owned enterprises,this phenomenon appeared late in China.Domestic scholars have little research on cross-shareholding,and the cross-shareholding environment of domestic enterprises is quite different from that of foreign countries.Therefore,this paper analyzes the cross-shareholding The impact of CNPC's financial performance,explore the problems in cross-shareholding of state-owned enterprises and propose improvements.These suggestions can improve the effect of cross-shareholding in the reform of state-owned enterprises.This article includes six chapters.The first chapter is an introduction.This chapter includes the research background and significance,domestic and foreign literature reviews,research content and research methods,innovations and deficiencies.The second chapter is a theoretical overview.This chapter contains the definition and classification of cross-shareholding,the transmission mode of cross-shareholding's impact on financial performance,the evaluation method of cross-shareholding and the theoretical basis of the full text.The third chapter is an introduction to the case.This chapter includes the environment and corporate status of CNPC 's cross-shareholding,the motivation for cross-shareholding,and the process of cross-shareholding by CNPC.Chapter 4 uses the efficiency coefficient method to analyze the impact of cross-shareholding on financial performance.Chapter 5analyzes the impact of cross-shareholding on financial performance from the perspective of efficiency using data envelopment analysis.Chapter 6 is the ending chapter.Combined with the previous analysis results,the conclusion of the entire article is summarized.The effect of cross-shareholding on financial performance has limitations and hysteresis.Cross-shareholding can achieve the goal of SOE reform.In order to improve the effectiveness of CNPC's cross-shareholding,the suggestions in this article include expanding financial cooperation,strengthening technical exchanges,and increasing the cross-shareholding ratio.