Research On The Performance Of Publishing And Media Companies’ Back-door Listing

Publishing industry got highly attention of national government since the founding of our country. Most publishing enterprises are solely state-owned enterprise enjoying state financial support. In 2006, in the mutual influence of both the cultural system reformation of "Eleventh Five-Year" and share structure reformation, the publishing enterprises followed the national policy and carried out joint-stock reform to establish modern enterprise management system. They use IPO and backdoor listing to enter to the capital market, expanding financing channels, improving capital structure in order to accelerate the convergence of new media and transform to digital and network-based publishing and media enterprises.This paper combines standardized methods of research and case studies together, after reviewing the domestic and foreign scholars’ research on methods of accessing acquisition performance and study on backdoor listing. on the basis of related theories, this paper studies and summarized overall characteristics of China’s publishing and media companies backdoor listing from the aspects of the industry background, shell companies, backdoor companies, backdoor ways. Then I select the case of Jiangxi Publishing Group backdoor* ST Xin and study its backdoor listing motivation and short-term and long-term financial performance and got the following conclusions and recommendations:1. Backdoor listing has a positive impact on the publishing and media companies short-term performance mainly from the income of the equity premium, but in the long-term performance backdoor companies have little improvements on company’s performance.2. Companies of publication media in the backdoor listing should focus on the following points:First, make early establishment of modern enterprise management mechanisms in order to seize the initiative of transformation. Second, pay attention and careful selection to the appropriate shell resources and try to get the support of the government authorities. Third, get the whole operating assets into the capital market and strive to maintain the integrity of the chain.