Research On The Motivation And Financial Performance Analysis Of Focus Media's Backdoor Listing

At present,China's cultural media industry is in the stage of rapid growth.The national policy is further inclined to the cultural media industry.The industry has a very broad development prospects,and the return on investment is considerable.At present,Chinese enterprises mainly have two listing modes: IPO and backdoor listing.Although the SFC has issued regulations that will further standardize backdoor behavior and raise the threshold of backdoor listing,in view of the industry characteristics of cultural media enterprises light assets,backdoor listing is still the most important mode for cultural media enterprises to consider.The enthusiasm of backdoor listing in cultural market promotion increased rather than decreased,so the backdoor listing behavior of cultural media enterprises still has high research value.Based on this background,this paper chooses Focus Media of "the first share of Chinese media" backdoor Return incident as a breakthrough point.Starting from the appearance of backdoor regression,this paper firstly combs the current situation of backdoor listing,backdoor backdoor background and implementation of backdoor scheme in China's cultural media industry.Secondly,it explores the motive of backdoor listing from the perspective of backdoor backdoor side,backdoor company and external environment.Next,it comprehensively analyses the impact of backdoor listing event on Corporate Performance from two aspects of market performance and financial performance.Finally,based on the empirical analysis,this paper puts forward some suggestions on the future performance development,and provides the successful experience for the subsequent cultural media companies to be listed.The research results prove that Focus Media's backdoor listing is an undoubted success.The backdoor listing not only causes the stock price of the company to rise sharply in the event period,but also produces excess returns,brings wealth effect to shareholders,realizes the win-win situation for both sides of the backdoor listing.In addition,comparing the long-term financial performance before and after backdoor borrowing,we can also find that: not only the overall operating performance has been improved,but also the performance indicators have been improved to varying degrees,especially the profitability and growth ability have made remarkable progress.And they have also perfectly fulfilled the performance commitments made in the initial backdoor.Secondly,as far as the future performance trend of Focus Media is concerned,it holds a positive attitude and predicts that its future performance will remain steadily rising.However,the success of backdoor listing is only the first step to enter the capital market.The follow-up Focus Media still needs to optimize in terms of solvency,cash flow management,R&D investment,cinema media market share and business integration.