Research On Performance Evaluation Of Reverse Purchase Based On EVA

In recent years,with the continuous development of China's economy,the speed of China's enterprise development is also accelerating,and more and more enterprises' financing needs are increasing.The most direct and effective way of listing as a financing is deeply sought after by enterprises.In China,there are two main ways to list a company: direct public offering(IPO)direct listing and reverse buying indirect listing.Due to factors such as high IPO threshold,high cost,long cycle,and difficult operation,many companies choose to list indirectly through reverse purchase.However,realizing the listing through reverse purchase may not promote the further development of the enterprise,because only effective reverse purchase behavior can produce synergy,so that the enterprise resources are properly allocated,and the invalid reverse purchase behavior will bring serious problems to the enterprise.Loss of interest,and performance evaluation is an important evaluation criterion for reverse purchase behavior,which can objectively determine whether the reverse purchase behavior is effective.At the same time,it is worth noting that in order to maintain the order of China's capital market,China's CSRC and other relevant departments have continuously introduced new policies in recent years,standardizing corporate listing behavior and raising the threshold for reverse purchases,resulting in a lower success rate of reverse purchases,especially In 2017,the number of successful companies listed through reverse purchases accounted for only 50% of the declared number.This also sounds the alarm for the listed companies' financing: carefully choose the listing method to avoid improper losses due to improper selection of the listing method.Based on the above background,this paper chooses the recent reverse purchase of G Company of F Group as a case study.At the same time,because the purpose of this reverse purchase is to realize the indirect listing of M Company,a wholly-owned subsidiary of F Group,and mainly affects the performance of M Company,this paper will take M Company as the core company,so as to evaluate the performance of this reverse purchase more intuitively and accurately.In the research process of this paper,firstly,the current literature and theoretical basis related to reverse purchase and performance evaluation are sorted out,and the performance evaluation system of reverse purchase based on EVA is constructed.Then,the relevant performance is evaluated and studied by using this system.The conclusion is that the reverse purchase transaction effectively improves the performance of M company and the profitability and operation of M company.Transportation ability and value creation ability.Finally,in order to better promote the development of enterprises,enterprises should carefully adopt reverse purchasing mode and select suitable reverse purchasing objects on the basis of conforming to the relevant policies of the state,and adopt reasonable reverse purchasing mode and prevent risks in the process of reverse purchasing when determining reverse purchasing scheme.Norm measures.This can better promote the smooth progress of reverse purchase transactions,and bring good economic benefits to the main body of the transaction.