The Research On The Motivation And Performance Of Backdoor Listing Of Zhejiang Newspaper Media

Backdoor listing originated in the United States since 1934,backdoor listing became more and more popularity due to its low cost and high success rate.At the same time,in the period of relatively recession,some of the listed companies' profitability and market value dropped significantly and even facing the risk of delisting,which provide a backdoor opportunity for some unlisted companies.Since 1993,China had the first case of backdoor listing-Shenzhen Baoan M & A Yanzhong,the phenomenon of backdoor listing has occurred frequently,more and more non-listed companies hope to backdoor listing to achieve the purpose of direct financing in the securities market.Many outstanding non-listed companies can list on the market by this way and significantly shorten the time to market,broaden the financing channels to promote the company's sustainable development.In general,IPO listing and backdoor listing is the two main ways of listing Chinese enterprises.IPO is more usually suitable for strong financial strength enterprise,and backdoor listing can reduce the threshold of listing,shorten the financing time.From the current level of China's capital market point of view,due to market restructuring and economic policy,some of the real economy financing in the securities market is not smooth.And in the capital market,there will be more and more companies achieve backdoor listing.In this paper,I choose Zhejiang newspaper media as my case.And analysis the reasons for the listing of enterprises backdoor and post-mortem performance by the combination of theoretical analysis and typical case.By reading a large number of literatures,this paper introduces the meaning,main mode,motivation and related theoretical basis of backdoor listing,and analyzes the performance of Zhejiang newspaper media backdoor with financial indicators.Finally,according to the relevant analysis,we can have many useful conclusions and enlightenment.In the beginning,this paper introduce the background and significance of choosing backdoor listing as the research direction and expounds the ideas and methods of this paper.In the part of the theory,the paper puts forward the concept of "Shell","Shell Company" and backdoor listing and then summarizes the four main modes of backdoor listing,including asset replacement,private placement,convertible merger and equity acquisition.Furthermore,I choose the theory of competitive advantage,synergistic effect theory,cost theory and market power theory as the theoretical basis to analysis the backdoor listing.First of all,this case introduced the basic situation of Zhejiang newspaper media and white cat shares,elaborated the whole process of Zhejiang newspaper media backdoor listing.And then put forward the motives of the Zhejiang newspaper media backdoor listing which include broadening the financing channels,get publicity effect,the national cultural industry support policy of the support,the media industry IPO difficult and in order to integrate the advantages of the Group's media resources.At first,the performance analysis of Zhejiang media backdoor listing in this paper selected from 2010 to 2014 five years as financial data,which is the financial data of the five years before and after the backpacking of the Zhejiang newspaper media.At the same time from the enterprise stock price rise and brokerage of its investment rating to start the backdoor market after the market effect.At the end of the article,several conclusions are drawn.The success of Zhejiang newspaper media is inseparable from the correct guidance of national cultural support policy,and its professional and efficient management team and the correct development concept are successful help,and another excellent shell company is Indispensable.The success of Zhejiang newspaper media gave us a lot of inspiration,in the rational use of policy advantages at the same time to strengthen their own quality,learn from the successful experience of similar companies is also very important.