Study On Performance Of Merger And Acquisition About Backdoor Listing Of The Company In China

Initial public offerings and backdoor listings is the two main ways in which is the qualification for the listed enterprises and able to issue shares in the securities market. Since 1995. the securities regulatory commission implement the listing threshold policy of "quota management and limit the numbers", and Country specific economic policy support the development of the state-owned large and medium-sized enterprises. This makes a tot of excellent private enterprises cannot pass for the first time listed in the form of announcement offerings. Many enterprises begin to choose backdoor listing of the "curve" way to fulfill the goals to obtain a large number of sources. From 1995 to now. the merger and acquisition performance of listed companies after the backdoor listing research has being a research focus of scholars. The backdoor listing will rea lly be a lot to improve the performance of listed companies? Different scholars give different answers! At the end of 2012. the securities regulatory commission completely ended IPO business and until the beginning of 2014 IPO business had been started. Therefore, this article studying under the new system of backdoor listings about merger and acquisition performance of listed companies has a certain practical significance.The paper, through the way of combination of theoretical research and empirical test studied merger and acquisition performance of all sample companies which are 14 companies in A stock market of our country in 2014 activing backdoor listings as samples after the backdoor listing. This paper first summarizes the related literature both at home and abroad, elaborated the enterprises backdoor listing after merger and acquisition performance related concept category and research subject in theory. Then for comparison sample enterprises backdoor listing after the superiority of merger and acquisition performance, this article will all 14 sample enterprises is divided into three groups, and the performance of merger and acquisition financial analysis. Then all of the samples after the group enterprise event study empirical research, the market model based on event study, respectively analyzes the sample window company during the period of average abnormal returns and the cumulative abnormal returns. Finally; based on the cumulative abnormal returns do T test, come to the conclusion that cumulative average abnormal returns significantly greater than zero. The backdoor listing of Chinese enterprises can be deduced window period performance after merger and acquisition activity increased significantly. In addition to the above conclusion, sample companies have no average abnormal returns and the cumulative abnormal return in event recently, the condition of sharp fluctuations in this article also concluded that the sample enterprises backdoor listing activity no insider trading point of view.