Research On The Performance Of The Reverse Takeover Of Chinese Enterprises

Reverse Take-Over has a very long history, is an important way for the company’s stock market. In recent years, under the strong impact of the financial crisis in 2008, the value of the stock market in China and even the world has shrunk dramatically, the bubble of the capital market has been squeezed, which has emerged a large number of low market value of the listing Corporation, to become the target of many companies that want to indirectly listed companies shell resources, and enterprises which just had got through the financial crisis also need to be listed to seek recovery and development. The two sides fit in easily, listing Corporation’s reverse mergers and acquisitions enthusiasm. However,whether the indirect listing of these enterprises has achieved the desired effect, whether the follow-up development is good, whether it is a short cut of the enterprise market development is indeed a shortcut to this problem. Frequent backdoor listing phenomenon not only provides the necessary of a comprehensive, in-depth study, but also provides a rich source of material for this kind of research.Firstly, this paper reviews the existing relevant research on the motivation and performance of the backdoor listing of the domestic and foreign scholars, and introduces and analyzes the reasons, models and risks of the reverse acquisition of the enterprise, and briefly introduces the basic theory and data envelopment analysis; Then according to2009-2011 three years of A shares of the stock market’s 44 typical backdoor listing Corporation sample, using data envelopment analysis method to analyze the long-term performance of a detailed analysis of the 2009-2011, and finally get the overall conclusion of A shares market reverse acquisition performance. Through the detailed comparison and analysis, the relationship between the performance of the M & A enterprises and the time of the reverse takeover, the regional distribution and the distribution of the industry are obtained, And the average performance of three years after the acquisition of listed companies and shell companies(backdoor listing of the previous year) of the assets,operating income level, profit level, whether it is a cross industry and cross regional mergers and acquisitions and other factors of the correlation between the linear regression analysis, The factors that affect the performance of the A shares of the stock market of the listing Corporation are derived, and the relevant suggestions are put forward according to the above analysis.