财务报表分析-药业-论文.docVIP

暨南大学MPAcc学位课程论文—交叉持股对公司治理绩效影响分析——以国航与国泰交叉持股为例财务报表分析--《以岭药业财务分析》 以岭药业(002603) 财务报表分析 交叉持股对公司治理绩效影响分析 ——以国航与国泰交叉持股为例 8 日 摘 要 交叉持股是指公司法人之间相互持有对方股份，结成战略联盟的投资行为。出于追求长远利益的共同目标，原本相互竞争的公司法人相互持有对方股份，形成利益相关的共同体。中国国际航空股份有限公司是中国唯一一家可以载国旗飞行的民用航空公司，在2006--2009年之间，国航与国泰航空之间经历数次股权变更，最终实现交叉持股并深化合作。国航与国泰航空的交叉持股案例在上市公司中比较具有代表性，全文一共分为两部分，第一部分简要阐述了交叉持股的类型、动机以及国航和国泰交叉持股的背景；第二部分详细分析了国航国泰交叉持股的过程，并基于公司绩效考核相关理论和财务评价指标，着重了分析国航国泰交叉持股的动因及效应，并提出了关于交叉持股的经验启示。通过参考现有研究成果，结合国航与国泰航空交叉持股的案例分析，主要得出以下几个结论：第一，交叉持股公司在整合优势资源，控制成本等方面具有较大优势；第二，交叉持股合作对象及合作时机的选择会对公司产生重大影响；本文以实际案例为背景分析交叉持股的动因及效应，并据此得出相应的经验和启示，希望能为公司决策者提供借鉴。 关键词：交叉持股，国航，国泰航空，财务绩效，公司治理 Abstract Cross-shareholding refers to the investment behavior of a strategic alliance between corporate entities. In pursuit of the common goal of long-term interests, the competing corporate entities hold each others shares and form a community of interest. Air China co, LTD. is the only Chinese civil aviation company which can carry the flag when flying. Between 2006-2009, Air China and Cathay Pacific have several equity changes and finally achieved cross-shareholdings and deep cooperation. The case of Air China and Cathay Pacific cross-shareholdings is representative in public corporates. The paper is divided into two parts. The first part briefly expounds the types and motivation of cross-shareholdings and the background of the companies mentioned above; The second part analyzes the process, reason and effect of cross-shareholdings based on the related company performance evaluation theories and financial evaluation indicators and puts forward the experience enlightenment on cross-shareholding. According to the existing research results and combined with this case analysis, this paper draws the following conclusions: first, the company executes cross-shareholding in have great advantages in resource integration and cost control; Second, the partners and the timing of cross-shareholding have critical impact on the company. This paper analyzes the motivation an