The Motivation And Performance Analysis Of BAIC BJEV's Backdoor Listing

With the global environment and resource issues being paid more and more attention,China has also been supporting the development of new energy vehicle industry in recent years.The domestic new energy vehicle industry has developed rapidly with the support of national policies and funds-Until 2016,the national subsidy policy beginto decline,and will exit in the future,new energy vehicle enterprises are facing the importantpotential of industry reform,and must increase financing channels.Compared with IPO,backdoor listing has loose auditing standards and short auditing time,which is an express access to enter the capital market.But whether it is reasonable for new energy car companies to enter the capital market through backdoor listing and whether backdoor listing can bring positive performance are all worthy of study.Through the case of backdoor listing of BAIC BJEV,this paper studies the effect of backdoor listing on the performance of BAIC BJEV,and discusses whether backdoor listing can provide new ideas for financing and development of new energy vehicle enterprises under the current situation.This paper is divided into seven chapters:the first chapter introduces the research background,research methods,innovations,research significance;the second chapter introduces related concepts,theoretical basis,andinformed research;the third chapter makes a theoretical analysis of the motivation,path and performance of backdoor listing;the fourth chapter introduces the specific situation of backdoor listing;the fifth chapter analyzes the motivation of BAIC BJEV's backdoor listing;the sixth chapter analyzes the performance of BAIC BJEV's backdoor listing and gives some suggestions;the seventh chapter gets conclusions and implications.The conclusion of this paper is as follows:in the aspect of motivation,the policy factor is the decrease of state support.The subsidy declines,car companies is in short supply of funds,and the policy traction shifts to market-driven;the industry factor is dissipation of industry dividends.The competition is fierce,and the growth rate slows down;the enterprise factor is the development needs of the backdoor side and the shell company.BAIC group is guided by strategic deployment,and Qianfeng electronics is in a dilemma to find a way out.In the aspect of performance,although the stock market reaction is negative in the short term under the event study method,in the year of backdoor listing,the financial performance of BAIC BJEV is significantly improved compared with that before listing.However,the improvement of financial performance is not lasting.After a year of backdoor listing,the financial indicators of BAIC BJEV have declined.Overall,BAIC BJEV's backdoor listing achieved certain results in the year of listing,indicating that backdoor listing is an effective financing channel in the short term.However,backdoor listing cannot bring long-term positive financial performance growth to BAIC BJEV.New energy vehicle enterprises need to start with their own through industrial reform,which could improve the profitability of enterprises and the efficiency of financing funds.