Research On Financial Influence Of Yifan Co.,Ltd’s Borrowing Xinfu Yaoye’s Stocking Shell

The economy of our country has been keeping developing since the reform and openness.However,the proportion of direct financing is unreasonably low compared to its vast economic aggregate.The 43% of total financial assets consists of stock value and outstanding balance of bonds that is from direct financing.The proportion is low.It is even more difficult to use IPO as a method for financing.Because of this,a company can use back-door listing as aindirect method,and then it can achieve the purpose of direct financing.The pharmaceutical companies in our country remains in small scale and low industrial concentration.The development of the whole industry falls far behind the developed countries.Therefore,it is difficult for a medicinal company to use IPO to become a listed company to achieve the purpose of direct financing.So that back-door listing become a good choice.It has become the focus of the current financial theory research that if China’s pharmaceutical companies can get the expected synergies,effectively enhance the company’s business performance and other issues after the back-door listing,In this article,I use the case of Yifan Co.,Ltd’ s borrowing XinfuYaoye’ s stocking shell as an object of study to do a further research,in order to make a contribution to the theoretical research and practical activities.This article use the case ofYifan Co.,Ltd’ s borrowing XinfuYaoye’ s stocking shell as an object of study by using theoretical research methods including SWOT analysis,principal component analysis,event study and other methods to do a further research on the synergies,the impact on business performance and the market response to this back-door listing event.This articleis divided into five parts.The first part is the introduction.The background,purpose and method of this study are introduced.The second part is the theoretical basis and the literature review.The related theoretical basis of back-door listing and research results at home and abroad are discussed.The third part is the introduction and the analysis of the motivation of the case of Yifan Co.,Ltd’ s borrowing XinfuYaoye’ s stocking shell.In this part,this article introduce the case,and carried out SWOT analysis and M & A motivation analysis.The fourth part is the impact analysis of back-door listing.This part do a further research on the synergies,the impact on comprehensive performance including EVA and the market response to this back-door listing event.The fifth part is the research conclusions and recommendations.According to the analysis,this paper draws the following conclusions: First,the back-door listing of Yifan Co.,Ltd have a significant positive impact on the performance of the listed company and the shareholder wealth.Second,this back-door listing has achieved good synergies.Third,the market reaction to this event of the back-door listing was good.It has been recognized by the majority of investment in the capital market,and it enhanced the value of the company.