| The 18th National Congress of the Communist Party of China put forwards that it is key to promote rapid development of cultural industry in order to build a well-off society in an all-round way in 2020 while the cultural industry is becoming a pillar industry of national economy.Cultural industry enterprises have the characteristics of " light asset",the lack of tangible collateral,owned by the intangible assets such as intellectual property which is difficult to assess the value so cultural enterprises’ financing is more difficult compared with other industries.Multi-level capital market consists of the Main board market,SME board,growth enterprise market and the “new three board”,which provides the necessary financing support for cultural enterprises at different stage of development help ease culture the present situation of the enterprise financing difficulties.As IPO costs long time as well as its high standard,M&A becomes an alternative for cultural enterprises.Among them,the backdoor listing has become especially favored by cultural enterprises in recent years.This article selects the Perfect Pictures reverse taking over Jinlei shares in 2014 and evaluates whether the company achieved the desired benefits from the perspective of financial performance analysis.First of all,we analyze the reason of the backdoor listings respectively from the angles of shell and target company.And then we come to the financing performance of the backdoor listings,including short-term performance and long-term performance,using the event study method,financial analysis and analysis based on EVA.From the conclusion drawn from this paper,Perfect Pictures backdoor listings,expand the scale of the enterprise investment while maintained good competitiveness in the industry as well as bringing positive effect to the enterprise in the short term and long term performance.With the accelerating development of cultural industry,capital is the inevitable demand of cultural enterprises.Cultural enterprises strive to expand the scale of investment to lift the competitiveness in the industry,the choice of the financing ways and the corresponding economic benefit is taken into consideration.By means of case study,this paper aims to give a reference for other enterprise and policymakers when making decision. |
