Research On The Motivation And Performance Of BAIC New Energy's Backdoor Listing

China's IPO landing in the capital market must meet two major requirements:first,the enterprise's ability to obtain profits is strong;second,it needs a lot of human and material resources and financial resources to conduct IPO audit and queuing,in order to be listed successfully,so more enterprises will choose a relatively simple and less difficult way to operate,that is,to land in the capital market through backdoor listing,to achieve the purpose of listing.In addition,as a new industry,the new energy vehicle industry has weak profitability and great growth potential in the future,which determines that if the new energy vehicle enterprises want to be listed bigger and stronger,backdoor listing is the preferred path.Based on this,this paper selects the first backdoor listing case of China's new energy vehicle manufacturing-BAIC new energy backdoor Qianfeng electronics,through analyzing this backdoor listing case,to provide reference for the future reform of related industry enterprises and state-owned assets.First of all,this paper reviews the literature review,reviews the domestic and foreign scholars' research on the motivation and performance change of backdoor listing,to demonstrate the research direction and content;secondly,it introduces the enterprise situation,backdoor listing background and backdoor listing process of the case of BAIC new energy backdoor Qianfeng electronics in detail;then,it combines the situation of BAIC new energy and Qianfeng electronics enterprises The paper analyzes the internal and external causes of BAIC new energy's backdoor listing.The external causes are mainly the decline of subsidies,the aggravation of industry competition and the global energy crisis.The internal causes are mainly to seize the opportunity of new energy market,the backdoor of enterprise transformation and the overall strategic planning.Then,it studies the performance changes before and after the backdoor listing of BAIC new energy,including three aspects:(1)analyzing BAIC new energy with the event method Before and after the backdoor listing of new energy,the market reaction was found to be negative.After the backdoor listing,the stock price fell sharply on the first day of the resumption and fell periodically during the research event period.Finally,the stock price fell by 37.31%,and the cumulative excess return rate was-13.14%.(2)Using the index analysis method to analyze the four levels of financial indicators of profitability,operation ability,debt paying ability and growth ability,it is found that after backdoor listing,the debt paying ability and operation ability of BAIC new energy are weakened,while the profitability and growth ability are enhanced.(3)In order to evaluate the performance more comprehensively,three non-financial indicators,market share,brand influence and customer satisfaction,are added to evaluate.It is found that these three aspects have greatly improved after backdoor.Moreover,the case of BAIC new energy's backdoor listing is summarized.The successful experience is mainly that BAIC new energy resolutely selects the appropriate state-owned enterprises to backdoor listing when the IPO is far away.On the one hand,it can achieve the purpose of listing,on the other hand,it can solve the problems left over by the history of the shell company's not share reform,but backdoor also has some shortcomings,which are mainly concentrated in BAIC After the new energy lending,it did not improve the operation of the fixed assets of accounts receivable and other assets of the enterprise,and a large number of short-term and long-term borrowings increased the risk of Enterprise Insolvency.Finally,it is concluded that(1)enterprises can speed up their landing in the capital market through backdoor listing,achieve the purpose of short-term listing;(2)increase the interest weight of the industrial chain after backdoor listing,make the upstream and downstream enterprises more closely connected,and help the development of enterprises;(3)backdoor listing requires performance gambling to force the development of enterprises,and stimulate the potential of enterprises;(4)after backdoor listing,enterprises must integrate resources,play a coordinating effect and improve their competitiveness;(5)backdoor listing may become a reform of state-owned assets The channel can improve the efficiency of assets and stimulate the vitality of enterprises by buying or selling shells.