Resource Integration In Backdoor Listed Corporation

In recent years,more and more companies have entered the capital market through backdoor listing.Compared with the IPO,the backdoor listing has the advantages of easy auditing and low financial requirements.Therefore,backdoor listing is another way for enterprises to enter the capital market,and has been favored by many listed companies.In order to choose a shell company,the company prefers a “clean shell” company,which has fewer resource liabilities and legal disputes,and is easy to inject new assets.As a private enterprise,Lingyi Technology did not select the traditional “clean shell” company to achieve the listing purpose,but to combine the backdoor listing and its own business resources integration.Therefore,it is of great significance to study the motivation of this type of backdoor and the performance and risk of backdoor management.This paper first analyzes the backdoor listing and enterprise resource integration,and provides a theoretical foundation for the later research.Secondly,it expounds the present situation of the precision instrument functional parts industry and the background of the company's backdoor listing,including the financial situation and shareholding structures before the backdoor listing,and the specific process of backdoor listing.Then analyzes in detail the motivations of backdoor and shell selling by both sides of the backdoor.This part mainly analyzes the integration of business resources of the two companies.Then it focuses on the analysis of the changes in the performance of the Lingyi Technology after the listing,using the event research method to analyze its short-term performance changes,using financial indicators analysis and EVA analysis to analyze its long-term performance changes.Finally,it analyze the risks faced by the company after the completion of the transaction,and use the Z-value model to define the risk situation.By analysis on the project,one can draw a conclusion: This backdoor listing will bring synergies between procurement,production and customers to achieve the goal of business resource integration.In terms of performance,in the short-term,the backdoor listing makes the cumulative excess return rate positive,which has a positive impact on the performance of the company;in the long run,in the year when the company was listed on the backdoor,the market investors gave a positive response,financial Performance tends to be good and financial risks are declining.However,due to the excessive foreign investment of the company,the cost increased and part of the business of the subsidiary was sluggish,the financial performance decreased,and the financial risk increased.In the future,the company should strive to further integrate business resources,strengthen its synergy with its subsidiaries,improve profitability and reduce risks.