Research On The Impact Of DH Companies' Cross-shareholding On Corporate Performance Under The Background Of Mixed Ownership Reform

For the need of further development of China's economy,since the Third Plenary Session of the 11 th CPC Central Committee in 2013 decided to actively develop the mixed ownership economy,the mixed ownership reform has become a new breakthrough in the development of China's state-owned enterprises.With the implementation of mixed ownership reform in all walks of life,the mixed reform of state-owned enterprises has gradually become a hot topic of public concern.Air transport industry,as one of the pillar industries to promote China's economic development,has been mature,but its mixed ownership is still in the exploration stage.DH company,as one of the representative state-owned enterprises in China's air transportation industry,has taken the lead in the mixed reform,which actively introduces JH Company,a private enterprise in the same industry,to participate in its own mixed reform.However,the results of the cross shareholding reform model and whether the operation efficiency of state-owned enterprises are improved need to be further analyzed based on the characteristics of the industry.In the analysis part,the paper first expounds the mechanism of Cross Shareholding on enterprise performance,and the influence path of Cross Shareholding on enterprise performance in this case.It also explains the influence of Cross Shareholding on enterprise performance in two aspects: market performance and financial performance.Based on this,this paper analyzes the cross shareholding mix on DH company of state-owned enterprise from the perspective of market performance and financial performance Performance impact.According to the rules of performance evaluation of state-owned capital,EVA economic value added method is selected to analyze the property performance of DH company,and the event study method is used to analyze the market recognition degree of cross shareholding by short window method.Based on the data research results,combined with the industry characteristics and financial characteristics of air transport industry,the paper makes the reason mining of the data results,and puts forward some suggestions on this basis.Through the research of this paper,we find that investors in the market do not approve of the mixed ownership reform of DH company,and the financial performance of DH company also declines after the mixed ownership reform.Combined with the industry characteristics of the air transport industry,this paper draws the conclusion that the alliance form of horizontal cross shareholding in the same industry has low efficiency for the air transport industry,and the business model of both sides needs to be further run in.Based on the problems found in this study,this paper gives two suggestions: compared with cross shareholding in the same industry,seeking vertical cross shareholding in related industries is more suitable for the industry characteristics of the air transport industry;the mode of operation and cooperation between DH company and JH Company needs deeper running in.