A Study On The Performance Of Holistic Listed Citic Group Backdoor Citic Pacific

In the initial stage of the capital market in our country,the stock market has been restricted by the market scale and the capital capacity.The stock market has been carrying out the management method of "the approval system" and "the quota system" in a long period of time.The company's asset quality and profitability cannot meet the listing requirements.In the face of financing difficulties,most of the large enterprise groups take the spin off listing to enter the securities market.With the development of China's securities market,many drawbacks and problems of spin off listing become more and more prominent.The controlling shareholder(the parent company)using the relationship with the listed company,secretly transfer of benefits.Led to the loss of its independent,completely reduced to the group's cash machine.Moreover,the competition between listed companies and group parent is serious,which not only infringes the interests of minority shareholders,but also seriously distorts the governance structure of listed companies.In order to completely solve the problem.Government and relevant regulatory authorities to actively introduce relevant policies for the overall listing escort.The government has established a major policy of "developing mixed ownership economy".Provinces and cities have promulgated the reform plan to promote the overall listing of large state-owned enterprise groups.A large number of central enterprises,national enterprises have action.August 2014,CITIC Group to complete the overall market,set a benchmark for the reform of state-owned enterprises.In this paper,the theoretical analysis and case studies are combined to explore the core issue of CITIC Group's overall performance of listed companies.Firstly,combing and summarizing the related literature at home and abroad system,clarify the research direction.Secondly,through theoretical analysis,it is found that the overall performance of listed companies is significantly improved.Finally,analysis of the short-term market performance of the overall listing of CITIC Group and long-term financial performance.This paper hope through in-depth study of " the first case of the global capital market in 2014——holistic listed CITIC Group backdoor CITIC Pacific ",provide a reference for the reform of state-owned enterprises in china.