Research On The Motivation And Economic Consequences Of Cross-shareholding Between Ningbo Port And Shanghai INTERNATIONAL Port Group

The port industry is related to all walks of life in the national economy,closely related to international trade,and one of the gateways for the country to open to the outside world.Since the reform of state-owned enterprises entered the deep-water zone,oil,steel,civil aviation and other important fields have taken the lead in implementing cross-shareholding.The port enterprises have a strong background of state-owned assets.The cross-shareholding of state-owned enterprises in the two major ports in China has explored a way of competition-competition balance and win-win cooperation with practical actions.Ningbo Port and Shanghai international Port Group are separated only by a strip of water,and they hold the throat of the Yangtze River Delta.Their cross-shareholding will help the development of "Yangtze River Delta integration".Based on such industry characteristics,the nature of state-owned enterprises and regional essence,this thesis takes Ningbo Port and Shanghai International Port Group as the research objects.First of all,Ningbo Port and Shanghai International Port Group are the world’s largest port in throughput and the world’s largest port in container throughput,respectively.Their cross-shareholding is known as "historic hand in hand";In addition,Ningbo Port and Shanghai International Port Group belong to the State-owned Assets Supervision and Administration Commission of Zhejiang Province and the State-owned Assets Supervision and Administration Commission of Shanghai.Their cross-shareholding is a capital cooperation between provincial(municipality)SASAC.In this thesis,Ningbo Port’s private placement is selected to introduce Shanghai International Port Group as the second largest shareholder,and the cross-shareholding between them is taken as a case.Firstly,it introduces the relevant policy background and the significance of the study,classifying domestic and foreign literature.Then it defines the concept of cross-shareholding,enumerates the categories of cross-shareholding,and lays the relevant theoretical foundation for the following.Then it introduces the basic situation of China’s port industry,the development history,geographical location and business scope of the two enterprises.This thesis expounds the implementation process of cross-shareholding from three aspects: historical background,design selection and final scheme.Adopt the general framework of "motivation+economic consequences",summarize motivation from external and internal perspectives,and analyze economic consequences using event research methods and synergy theory.Finally,it draws conclusions and gives some suggestions.The results show that,in terms of capital market performance,this cross-shareholding has brought short-term positive benefits to Ningbo Port and Shanghai International Port Group,but the duration is short.Starting from the management synergy,financial synergy,management synergy and innovation synergy,Ningbo Port’s profitability and development ability have achieved positive growth in a short period of time,and the debt repayment pressure has been alleviated.The management synergy is lagging behind,the innovation synergy is obvious,and the R&D strength has increased significantly.The comprehensive performance of Shanghai International Group is good,but the utilization efficiency of its own funds can be further improved,which is obviously restricted by the cost.Shanghai International Port Group participates in the corporate governance of Ningbo Port by appointing external directors,which brings experience and suggestions to Ningbo Port.This thesis studies the cross-shareholding of two major port enterprises,analyzes the causes and results,hoping to provide some reference for the development of port industry,the reform of state-owned enterprises and the attempt of cross-shareholding by domestic enterprises.