| Since 2007,China's relevant policies have clearly proposed to comprehensively promote the development of the cultural industry,deepen the major reform in the field of cultural system,and make it a pillar industry of the national economy.After the reform of the cultural system,the listing of high-quality cultural enterprises is strongly supported and protected by the national macro-policies and local governments.Due to the impact of the development of new media and the need of its own transformation,Anhui publishing group firmly seized this important opportunity,and took advantage of the reform of the cultural system,chose to innovate by backdoor USTC CHUANGXIN Co.,Ltd and became the first large cultural enterprise listed in the whole main publishing industry in China.In this paper,Anhui publishing group listed backdoor innovation as an example,the backdoor listing on both sides of the process,motivation and comparing the performance change,explore publishing companies whether backdoor listings will help improve corporate performance,realize the capital expansion,also for existing publishing companies in the field of backdoor listings added research content.The paper consists of five parts.The first part is the introduction.This paper mainly expounds the research background and significance of this paper,and summarizes the literature review at home and abroad,and summarizes the research framework,methods and innovations.The second part is the theoretical overview.Mainly around the backdoor listing related concepts and theoretical basis of the definition.The third part is the backdoor listing case of Anhui publishing group.And the backdoor listing of the two sides combined with their own characteristics of the motivation analysis.The fourth part analyzes the backdoor listing performance of Anhui publishing group.Among them,event research method and financial index analysis method are adopted to double analyze the short-term and long-term financial effects after backdoor listing.Data from 2006 to 2017 are selected as financial indicators,which have a large time span and can better reflect the long-term effects of backdoor listing on enterprises.In addition,through backdoor listing to improve the market share of Anhui publishing group's main publishing industry,to create a diversified industrial structure for enterprises in two aspects of nonfinancial effect analysis.The fifth part draws the conclusion and the enlightenment.After the backdoor listing of Anhui publishing group,there was a strong response in the securities market,and shareholders showed a positive attitude towards the event.In addition,the long-term financial performance of the company also showed a significant positive effect due to the strong change brought by the backdoor listing,and the company's core competitiveness was significantly enhanced.Anhui publishing group backdoor USTC CHUANGXIN Co.,Ltd innovation to achieve the reorganization of assets,the first in the country to achieve the overall listing of the main publishing industry,the CSRC has been listed as one of the "top ten classic restructuring cases".This paper studies the successful cases and draws the following enlightenment :(1)National policy support is the booster of backdoor listing of Anhui publishing group.(2)Selecting appropriate shell resources in combination with its own characteristics is the key premise for the success of backdoor listing.(3)The selection of suitable listing methods and trading modes can accelerate the process of listing.(4)The high-quality management team is the driving force for the success of Anhui publishing group.(5)Paying attention to the preparatory work and later integration work of backdoor listing is the guarantee for backdoor listing to play a positive effect.In this way,the author hopes to provide valuable reference and Suggestions for the enterprises that are going public,especially in the field of publishing. |
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