| Since the Third Plenary Session of the 11 th CPC Central Committee,China has actively promoted the mixed ownership economy.The mixed ownership reform with the reform of state-owned enterprises as the core is constantly groping and advancing.It has experienced many twists and turns and developed relatively mature today.However,as the pillar industry of China economic development,the exploration of cross shareholding in the civil aviation industry is still at the initial stage,especially with private enterprises.As a private enterprise with rapid development in recent years,Juneyao Airlines and China Eastern Airlines,as a central enterprise,took the lead in realizing cross shareholding between private enterprises and central enterprises,opening up a new path for the follow-up reform of private enterprises in China.This paper conducts an in-depth study on the case of cross shareholding between Juneyao Airlines and China Eastern Airlines,analyzes the internal and external causes of cross shareholding of Juneyao Airlines by combing the process before and after cross shareholding,and analyzes the impact of cross shareholding on Juneyao Airlines from different angles according to the existing public data.The paper mainly uses the financial index analysis method and EVA performance analysis method to quantitatively analyze the financial data of Juneyao Airlines before and after cross shareholding;analyze the reaction of market investors to the cross shareholding event of Jilin Airlines through the event research method;This paper analyzes the non-financial effects of cross shareholding from the aspects of corporate governance and strategic coordination.Based on the analysis results,combined with the situation of Juneyao Airlines and the current situation of the industry,the reasons behind the results are analyzed in depth,and based on this,the enlightenment for the cross shareholding is obtained.Through the analysis,the main conclusions are as follows: the external motivation for Juneyao Airlines to choose cross shareholding is influenced by the government policy and the market environment;The internal motivation is to improve the organizational structure,relieve the pressure of capital cost and improve the market share.From the results,the cross shareholding realized the deep binding of private enterprises and central enterprises,and promoted the cross shareholding parties to reach a series of strategic cooperation.Although cross shareholding did not improve the financial performance of Juneyao Airlines in the short term,it provided sufficient cash flow for Juneyao Airlines,enabling Juneyao Airlines to develop rapidly.At the same time,the capital market showed a positive response to the cross shareholding event,which raised the stock price of Juneyao Airlines.At the corporate governance level,cross shareholding has optimized the equity structure of Juneyao Airlines and improved the corporate governance level of Juneyao Airlines.Through this case,we get the following enlightenment: first,enterprises should correctly understand the advantages and disadvantages of cross shareholding and make rational use of it;Secondly,according to the actual situation,make a reasonable cross shareholding plan;Finally,scientific strategic coordination planning should be made among cross shareholding enterprises. |
