Case Analysis Of Backdoor Listing Of Petroleum Engineering Company Of Sinopec Group

A-share market’s merge shows a trend of outbreak in the number and the scale of the expansion in the past three years. With the acceleration of the integration of China’s economic transformation and industry, The State Council and the Commission were put forward the new policy to simplify the approval process, shortening the time of examination and approval, to encourage mergers and acquisitions. And with the help of this good policy, coupled with the merger restructuring tool increasing, A-share market enterprises have in their own interests were mergers and acquisitions, the 2013 mergers and acquisitions to achieve 5023 trillion yuan, 2014 reached 1.56 trillion yuan of the scale, the 2015 continuation of the trend. The backdoor listing of enterprise merger as a special way in the combined scale accounted for more and more, more and more.For the analysis of a backdoor listing the events on the A-share market become more and more popular reasons, mergers and problems that should be paid attention to in the process and the performance after M & A, the author conducted a case study. 2014 one-way merger case, Sinopec petroleum engineering backdoor * ST Yihua regardless of the size or from the operation has representative and the personality in collecting data were collected. So we choose the case analysis, and that can achieve the following meanings: first, add domestic backdoor listing in the field of research, to promote the field of theory innovation and the practice development; secondly, for enterprises in the selection of backdoor listing to provide help.The Harvard financial analysis for the case analysis as the basic idea. The motivation of the backdoor listing of the whole process of analysis were used to analyze the macro environment, medium environment and internal environment factors may lead to the backdoor listing occurred, and the phase matching and group strategy, to analyze the causes of backdoor listing by national policy, economic environment, industry life cycle, the company’s development strategy and management the layout of the multiple positive influence to the process of merger and acquisition, merger and acquisition scheme; and accounting analysis found in the backdoor listing process there can improve the efficiency of the reference point, there are guidelines of fuzzy accounting; financial analysis of the case and to predict its prospects, this paper found that before and after the acquisition after the backdoor listing of the company’s financial short term performance has not improved, the stock price appeared to improve, but it is difficult to prove because of the company after the backdoor Its causes; finally according to the above analysis the success and problems, this article puts forward some suggestions.In this paper, and the effects of different point is:(1) many of the domestic literature is mainly concentrated in the backdoor of the securities industry listed case study, this paper chooses to state-owned enterprises under the same control merger as a case study.(2) using the Harvard financial analysis framework is studied to ensure the integrity of case analysis for ideas.