Empirical Study On The Relationship Between Performance Commitment And Corporate Performance Of Back-door Listing Companies

As a means of non listed backdoor listing of IPO,the most attractive is without having to go through a long IPO cumbersome approval process,thus the market focus and desire for the city in favor of enterprises.Theoretically,the purpose of backdoor listing is to go public.The enterprises after backdoor can not only improve the company's credit and expand the scale of financing,but also make full use of the synergy of mergers and acquisitions,effectively improve corporate governance and promote the overall optimization of the investment environment of the capital market.In actual operation,backdoor listing involves many links and many investors.Whether the real performance of the enterprise is improved after backdoor listing,whether the assets are maximizing the effectiveness and whether the performance is composed is becoming a hot spot of supervision.This paper takes 2007-2014 years backdoor listing of A shares backdoor listed company as the research object,on the one hand,in the event study method based on the results,analysis of the short-term market effects of changes in corporate backdoor listing;on the other hand,the index of changes in the rate of return on total assets of the enterprise,the long-term performance of enterprises backdoor listing after observation that is found in the performance growth trend after the backdoor listing of the enterprise,not only in the early completion of mergers and acquisitions to achieve a market capitalization of the upgrade,and maintain a good long-term performance of financial indicators.In view of the performance commitment factors in the backdoor listing,whether the performance commitment will urge the enterprise to improve the profitability,or to induce the motivation of the enterprise earnings management? In this paper,the revised Jones model is used to measure the earnings management of enterprises.The results of multiple regression indicate that long-term performance is positively correlated with earnings management,and the pressure of performance commitment is more negative for enterprises.Whether the private holding or the state holding of the borrower,the performance commitment has a great effect on the earnings management.The empirical results of this paper expand the research perspective of M & A,and have a reference for the supervision department to improve the operation monitoring system of the post listing companies.