Analysis On Performance Of Cecep’s Backdoor Listing

The energy industry is an indispensable one in the development of country’s economic,PV industry as one of them,has the characteristics of dual capital and technology intensive,but it is currently facing difficulties in financing.The initial period of the industry usually depends on the government’s subsidy policy,and later also seeks other financing modes;but the characteristics of high risk and high income coexist the indirect financing is hindered.By contrast,the capital market is better able to provide continuous capital flows.The implementation of the current capital market registration system makes it relatively easy for companies to establish IPO.However,the process of listing through the formal IPO model is still very complicated.Enterprises often miss a lot of business opportunities in the long wait and miss the best expansion.The process of backdoor listing is simple and time-consuming.It has gradually become the primary way for many private companies and emerging companies to go public.This article selects the case of CECEP’S successful backdoor listing and analyzes it.In addition,a combination of standardized research methods and case studies is used.Qualitative analysis and quantitative analysis are also performed simultaneously.Both of them jointly conducted in-depth research on the changes in performance caused by successful backdoors,and summed up the experience of backdoor listing,providing reference for companies with similar needs.First,introduce the background and practical significance of the topic selection,systematically sort out the research literature on backdoor listing;Secondly,put forward the concept of backdoor listing,pointing out the risks that the implementation process may face,and focusing on the definition of performance and evaluation methods;Thirdly,taking the “CECEP” backdoor “TongJunge” as the case study object,the whole transaction process and the motivation of the transaction were introduced.Then,it focuses on the analysis of changes in performance,on the one hand,non-financial performance analysis from the perspectives of organizational structure and governance structure,industry status,competitiveness,and strategic planning.on the other hand,from profitability,solvency,operational capacity,Comparative analysis of development capabilities.And make full use of EVA method for long-term trend analysis.On this basis,combining the common influencing factors of M&A performance,a summary evaluation of performance changes was made;Finally,summarizing the experience of backdoors and putting forward corresponding suggestions to provide reference for companies with similar backdoor needs.The research results in this paper show that after the backdoor listing,there is a significant positive growth in corporate performance.Although some indicators fluctuate abnormally,they are in line with the company’s status quo and strategic planning,and the positive performance changes that accompany it will be reflected in the recovery of long-term asset investment.The EVA trend analysis method also confirms the rationality of abnormal fluctuations in some financial indicators from the side.In addition,performance improvement may also be affected by the current macroeconomic,industry policy and corporate strategic planning.