Research On Saurer Intelligent Technology's Backdoor Listing And Economic Effect

At present,with the advancement of China's "Belt and Road" initiative and the guidance of national industrial policies,domestic textile machinery manufacturing industry has entered a new growth cycle and stage of industrial upgrading.In this industry background,as a local non-public private company,It's important for Saurer which wants to seize opportunities in the fierce market competition to land on the capital market.In generally,domestic enterprises enter the capital market by IPO,while it has the characteristics of a long listing cycle and high costs.Therefore,many non-listed companies choose to enter the capital market by backdoor listing.However,Securities Regulatory Commission issued new revised " Restructuring Management Measures" in September 2016.In this dual context of industry development and institutional constraints,Saurer chose to be backdoor listing and landed in the capital market successfully.And there is important value in studying Saurer's smart backdoor listing behavior.This paper's research includes five components about the case of Saurer Intelligent Company's backdoor listing.Firstly,collect and sort out relevant literature to pave the way for case studies.Secondly,briefly introduce the basic situation of the two companies based on industry background analysis and analyze the motivations of these in this backdoor listing.Thirdly,the article explains the implementation of the backdoor listing scheme in detail.Fourthly,study the economic effects of Saurer's backdoor listing from the perspective of market response,financial performance and corporate governance structure.At last,based on the research content of this article,we can reach relevant conclusions and inspiration so that providing reference value for other domestic companies to conduct backdoor listings.