Research On The Motivation Of Backdoor Listing In Publishing And Media Companies

With the development of China’s economy,the living standard of the residents has been continuously improved,and the consumption has been developed into a pattern of material consumption and spiritual consumption based on material consumption.China’s publishing media enterprises under favorable policy support to expand the scale,the industrial chain gradually improved.The further development of publishing media enterprises requires financial support.However,the financing of such enterprises is mainly from borrowing,and the excessive dependence on borrowing will adversely affect the development of enterprises.In order to seek the listing,many publishing media enterprises adopt the backdoor listing to launch the media enterprises’ backdoor listing heat.In the past,there is less research on the backdoor listing of an industry.In view of this,this paper adopts the normative analysis method and case analysis method to analyze the situation and motivation of the backdoor listing of the publishing media industry and the motivation of the city media borrowing shell listing.This paper first summarizes the domestic and foreign scholars on the research of the backdoor listing,including the characteristics and motivations of backdoor listings,backdoor listing costs and benefits analysis and the study of publishing media industry backdoor listings.Then the related concepts and theories of backdoor listing are summarized.Then the paper analyzes the characteristics of shell listing from 2000 to 2016.This chapter will summarize the commonality between the shell and shell companies’ financial and non-financial perspectives from the backdoor listing,and explore the motivations of many enterprises in the publishing media industry to choose the backdoor listing.After the overall description of the backdoor listing of the industry,this paper chooses the specific case of Qingdao City Media to carry out the detailed analysis.After reviewing the situation of shell and shell companies and the process of borrowing shell,the author analyzes the reasons for the listing of the backdoor of urban media from the perspectives of shell and government.Among them,the reasons for the backdoor listing are caused by the disruption of the IPO process,the waiting time of the IPO,and the influence of the internal finance of the company.The reasons why shell companies choose to restructure their assets through the shell are mainly due to the operating pressure and capital market pressure.The government actively promotes the implementation of the backdoor listing in various aspects,namely,to protect the shell resources in the region and to promote the reform of state-owned enterprises in the region.On the basis of the above analysis,the author draws a conclusion and summarizes the motivation of the publication media enterprises to use the shell and the motivation of the city media to borrow the shell.In this paper,the author puts forward some Suggestions on the backdoor listing of the publishing media enterprises and government management departments.It is hoped that the conclusions and Suggestions of this paper can further enrich the research on the backdoor listing of publishing media industry and provide reference for relevant decision makers.