Research On The Influence Of Listed Financial Holding Company Of Central Enterprises On Group Asset Allocation

Since the 11th and 12th five-year plans for the development and reform of China’s financial industry successively put forward the "steady" and "active yet steady" pilot projects for the comprehensive operation of China’s financial industry,the comprehensive operation of China’s financial industry has been developing steadily.At the same time,with the rise and development of the combination of industry and finance in China,more and more central enterprises with large industrial background began to integrate their financial sectors,set up financial holding companies,and successively create listed companies.Therefore,the emergence of a number of industrial background of central enterprises listed financial holding companies.In 2012,avic capital,a subsidiary of avic,successfully went public through backdoor ST north Asia,becoming the first listed central financial holding company in China.In 2016,minmetals capital co.,LTD.,a subsidiary of minmetals group,and CPC capital co.,LTD.,a subsidiary of CNPC,were listed successfully respectively.Since the central financial holding company integrates the state-owned industrial capital and financial capital,and has the particularity of serving the main business,its development is bound to be different from the traditional financial holding company.Why do central enterprise groups choose to go public one after another to build their own financial holding platform,and what impact does this have on the group’s asset allocation? These questions deserve further discussion.Based on this,the core research question of this paper is: under the background of the combination of industry and finance,how does the listed financial holding company of central enterprises influence the asset allocation of the group?Since the development of central financial holding companies in China is still in the exploratory stage,there are few relevant research literatures.Besides,existing literatures either analyze the influence brought by the financial holding companies from the level of group companies or study the listing problems from the level of listed companies.The two aspects are not well combined for analysis.Based on the above,the research ideas of this paper: from the two levels of holding companies and group companies,in-depth analysis of the impact of listed financial holding companies of central enterprises on group asset allocation.(1)what impact does avic capital have on the group’s investment efficiency from the three dimensions of governance structure,operation mechanism and research and investment capacity?(2)from the perspective of building three business platforms of avic capital,analyze its impact on the group’s asset allocation capability.(3)what impact does the strategic coordination and risk management structure of avic capital have on the group’s asset allocation capability?(4)what impact does it have on the group’s capital allocation based on the three-tier authorized operation system of state-owned capital?The findings of this paper are as follows :(1)the listing of avic capital can optimize its governance structure,stimulate its business vitality,improve the rate of asset securitization and reduce the group’s inefficient investment.The professional research and investment ability can increase the investment in the assets with potential value,so as to improve the efficiency of asset allocation;(2)the three major business platforms of avic capital can improve the group’s asset allocation capability;(3)strategic coordination of avic capital is conducive to the overall control of the group’s financial business,so that the group’s assets can be effectively allocated,and its risk management structure can provide guarantee for the group’s asset allocation;(4)as the core of the state-owned capital authorization system,avic capital can realize the optimal allocation of state-owned capital.Innovation and application significance of this paper: starting from the two levels of holding company and group company,this paper comprehensively and deeply analyzes the mechanism of influence of avic capital on asset allocation of avic from multiple dimensions,so as to provide reference for the subsequent development of financial holding company of central enterprises.