Case Study Of Backdoor Listing Of Zhong Gong Education

Vocational education,as one of the important parts of China's education system,plays an important role in the development of China's social economy and the further optimization of its economic structure.In recent years,the policy support for the development of vocational education has been continuously strengthened,and a series of decisions and reform implementation plans have been issued,aiming at promoting the further development of vocational education and providing talent guarantee for the implementation of China's economic strategy.With the increase of residents' education expenditure and the increase of college graduates' employment competition,the development potential of vocational education market is huge.At the same time,the competition in the vocational education industry is increasingly fierce.In order to seize the favorable opportunity of the development of the industry,many vocational education enterprises take listing as one of their development strategic goals.It is hoped that the stock market can enhance its financing ability and development ability,further enhance its comprehensive competitiveness,brand influence and position in the industry,and enhance the sustainable profitability of enterprises.At present,the common way for Chinese enterprises to be listed is IPO,and enterprises can also achieve the purpose of listing by "backdoor".However,in order to be listed through IPO,Chinese companies to be listed need to meet various indicators and requirements of China securities regulatory commission.In addition,it takes a long time to prepare for IPO,and the whole process generally takes 3-4 years to go down.Therefore,enterprises need to pay a certain time cost,and the uncertainty in the process of listing is large,which adds a certain difficulty to the listing of enterprises.Compared with IPO,backdoor listing has many advantages and convenience,such as low threshold for backdoor listing and short time consumption,which greatly reduces the difficulty and requirements in the process of listing,saves the time cost in the process of listing,and improves the probability of successful listing.In addition,it is difficult for educational and training enterprises to get approval for listing due to their non-corporate and non-profit positioning.Although the country introduced a new private education promotion law in2017 to solve these problems,there are still some difficulties in the implementation and it still needs some time.In this paper,as A vocational education enterprise,zhonggong education successfully landed on the a-share market by backdoor.This case study has A strong typicality,and the successful experience behind it can provide certain reference value for other enterprises,especially educational enterprises,to go public.This paper adopts the method of case analysis to analyze the event of backdoor yaxia automobile listing in zhonggong education.Firstly,this paper expounds and summarizes the research results of domestic and foreign scholars from the three aspects of motivation,performance and mode of backdoor listing,and sorts out relevant concepts and theories to provide theoretical basis for the following analysis.Secondly,this paper introduces the backdoor listing case of zhonggong education,and analyzes the general situation,transaction motivation,transaction process and transaction characteristics of both sides ofbackdoor transaction.Third,focus on the qualitative analysis and quantitative analysis of the two aspects of the backdoor listing of China public education case analysis.On the qualitative analysis,the backdoor characteristics and marketing effect are analyzed.The characteristics of backdoor transaction indicate that the transaction has the characteristics of relatively concentrated ownership structure,performance compensation agreement protection and quick and simple trading scheme,which greatly promotes the smooth completion of the transaction.In the research on the effect of listing,it is found that the backdoor listing has improved the industry status and brand awareness of the enterprise,improved the governance structure of the company,and greatly improved the financing ability.In terms of quantitative analysis,the market reaction analysis based on the event research method shows that the market reaction to the backdoor of zhonggong education is positive and optimistic,which brings a positive market reaction.At the same time,financial performance analysis is carried out by using financial indicators.Specifically,the financial performance of enterprises before and after backdoor transaction is analyzed from four aspects: solvency,profitability,operation ability and development ability.The results show that the financial performance of the enterprises improves obviously after the backdoor transaction,and the backdoor listing enhances the financial capability of the listed enterprises.Finally,on the basis of the above research,relevant conclusions and inspirations are drawn,such as choosing the right shell resources,correctly choosing the backdoor listing mode,etc.,in the hope of providing some useful references for vocational education enterprises and other would-be backdoor enterprises.