A Study On The Motivation And Performance About Backdoor Listing Of Saurer Intelligent

After the China Securities Regulatory Commission issued the "strictest backdoor new regulations" for A shares in 2016-"Management Measures for Major Asset Restructuring of Listed Companies",the scope of backdoor listing is more widely recognized,and the new regulations cancel the supporting financing for restructuring and listing,which extends the The lock-up period of shareholders' shares to curb short-term speculation and conceptual hype has made it more difficult for companies to backdoor listings.Against this background,Saurer Intelligent plans to backdoor Xinjiang Urban Construction,and issued a plan and passed it,which became the first approved restructuring and listing plan under the implementation of the new regulations in 2016,making Saurer Intelligent Backdoor Xinjiang Urban Construction more meaningful for research.This article selects Saurer Intelligent Backdoor Xinjiang Urban Construction as a case study object,and studies from the motivation of Saurer Intelligent Backdoor,as well as the performance and market effects of backdoor listing.Through a literature review,I summarized the domestic and foreign literature on backdoor listing motivation and post-backdoor listing performance research,and found that the high IPO threshold is the main external factor for a company's backdoor listing.The expansion of the company itself and the need for capital are the internal reasons for the backdoor listing;The main methods of backdoor listing performance research are comparative analysis and event research.This article analyzes the listing situation of China's special equipment manufacturing industry and the trading plan of Saurer Intelligent Backdoor Xinjiang Urban Construction.By comparing the difference between the new backdoor listing regulations in 2016 and the old regulations,it analyzes the new backdoor listing rules for the listing of Saurer Intelligent Backdoor The impact of Saurer Intelligent and how to use reasonable trading methods to avoid these effects.The introduction and analysis of the external environmental factors of Saurer Intelligent's backdoor listing are mainly the national Belt and Road policy,rich shell resources and low threshold for backdoor listing.The internal factors are to save costs and broaden financing channels.Based on the motivation of Saurer Intelligent's backdoor listing,a horizontal and vertical comparative analysis of the financial indicators of Saurer Intelligent's four years before and after the backdoor listing wasconducted,and then the event research method was used to measure the window period of 41 trading days before and after the announcement of the backdoor listing event.Analysis of excess returns and market effects obtained after the Saurer Intelligent's backdoor listing.Through the comprehensive evaluation of Saurer Intelligent's backdoor listing,it puts forward some suggestions for backdoor listed companies to promote their long-term development.Through the analysis of the case,it is concluded that:(1)In the environment where the overall IPO pass rate of the industry is declining,it is a better choice to obtain market financing through backdoor listing.The motivation for equipment manufacturing companies to choose backdoor listing is,in addition to the traditional listing The low threshold,the need to broaden its own financing,and the support of national policies.(2)After the listing of Saurer Intelligent Backdoor,the short-term performance has improved significantly,and the long-term performance has not improved significantly.And although Saurer Intelligent Backdoor has been listed,although its solvency still needs to be improved,it has improved its profitability and maintained its industry leading position.status.(3)The event research method was used to analyze the market response of Saurer Intelligent after the backdoor listing.After issuing the Saurer Intelligent Backdoor,the short-term earnings increased significantly,and the market responded strongly.(4)Through the acquisition of Saurer Intelligent's backdoor,the stock price of Xinjiang has gained excess income,the improvement of financial performance,and the changes in the indicators of the main business industries and regions.It can be seen that Saurer Intelligent's backdoor listing satisfies its backdoor motivation and has achieved the expected results.