Research On The Motivation And Performance Of Film And Television Companies Listing On The Backdoor

Enterprises listed ways there are two main methods in our country, namely the IPO and backdoor listings, and backdoor listing is also one of the important forms of asset reorganization. From 21 century, the film and television companies grows up under the pressure of new media and international media groups. In recent years, our country and local policies support the development of cultural industry. In July 2009,the cultural industry revitalization planning under the state council, marks the development of cultural industry has been raised to the height of national strategy.History shows that development of market economy, the scale of enterprises to implement a restructuring transformation, all need with the aid of capital strength, so the film and television companies to look to the capital markets. However, Switch off2012 IPO, in addition, the securities and futures commission to carry out stringent financial review system, make a lot of film and television companies are being held in the IPO. Restricted by policy, after 2012, 50% of the film and television companies choose shell on the way to enter the capital market, visible, backdoor listings in recent years has become one of the main way of film and television enterprises access to capital markets, which provided important support for this article.This article analyzes general status of film and television companies' backdoor listing from the backdoors, shell companies and backdoor listing process in detail.This paper combined with industry-specific properties, from a shell company, shell company and backdoor listing process three angles, a thorough analysis of the general overview of film and television industry backdoor listings, reveals its regularity. Study found that a shell company capital structure is good, high profit level and comprehensive strength; Shell company belongs to "small" shares, equity is relatively dispersed, flat or even losses, maintain the ideal low debt levels and shell cost advantage; Backdoor listing, private placement and asset replacement is the main operation mode of film and television enterprises backdoor listings, because after2011 years national policy tilt to film and television industry, encouraging its access tocapital market financing, film and television industry ushered in the backdoor listing boom; From the point of regional distribution, backdoor listings have focused on cultural strong province, and economically developed areas,For example, Shanghai,Beijing, Zhejiang and other places.Based on the analysis of the film and television enterprises backdoor listings, on the basis of overall situation, this article selects the Great Wall, film and television backdoor jiangsu macro treasure case, analyze its backdoor listing motivation and performance. Study found that the Great Wall from the point of dynamics, the film and television chose backdoor listings on the one hand, because of the film and television industry particularity and the securitier and futures commission under stringent financial audit result in ChangCheng company's IPO is so difficult, on the other hand is to expand the financing channels, integrating the advantages of media resources in the group, improve the corporate governance structure, access to a wide range of positive publicity, etc, but also make full use of local government policy support. Performance from the point of performance, Based on event analysis method and the analysis of financial index method, respectively, the company short-term performance and long-term performance, analysis points out, No matter short-term or long-term performance, backdoor listing the event all the listed company won a lot of earnings growth(002071), the company's financial performance improved significantly, the asset quality and profitability increases greatly, Especially short-term performance, the use of CAMP, the model calculates the company accumulated excess yield value in corporate restructuring announcement marked increase within a few days later. But compared with the backdoor listings comparable companies at the same time, the listed company's financial performance(002071) did not show advantages, general performance, still need to enter the track in the future.Based on the above research and conclusion, this paper argues that: the film and television enterprises backdoor listings, must strive for the market initiative, give full consideration to their own situation to choose the appropriate shell resource, inject high quality assets, to increase pricing power and brand image.