Performance Analysis Of Backdoor Listing Of Lithium Battery Companies

Under the new normal economy,the new energy industry plays an increasingly important role.With the gradual replacement of traditional energy by new energy,the new energy industry is developing in the direction of industrial development and resource allocation optimization.However,the growth of new energy enterprises is facing the problem of financial support.In order to solve the problem of development process,listing is undoubtedly the preferred way.However,at present,China’s stock market still adopts the audit system,the registration system is postponed to 2020,coupled with the "Le Video Crisis",the IPO audit may be more stringent,and the enterprise’s IPO path will become more arduous and long.Therefore,backdoor listing has become an alternative way for new energy enterprises.This paper chooses Guoxuan Gaoke,a new energy enterprise,as an example to analyze the overall situation of backdoor listing of new energy enterprises from the aspects of the scale of the company,the risks in backdoor listing process and the profits brought by backdoor listing.This paper uses event study method,financial performance analysis and EVA index method to analyze the short-term and long-term performance of Guoxuan Hi-Tech backdoor in Dongyuan,Jiangsu Province,and uses projection pursuit method to analyze the comprehensive performance of Guoxuan Hi-Tech industry.Finally,the paper summarizes the problems in the backdoor listing of new energy enterprises and puts forward corresponding suggestions.Empirical results show that Guoxuan Gaoke’s short-term performance has been significantly improved after backdoor listing,indicating that the market has strongly and rapidly responded to this behavior,but not excluding the impact of speculation.In the long run,after Guoxuan’s listing,EVA reaches its peak in the second year,and then is affected by policies and raw material market,resulting in a decline in performance,but it still brings value to enterprises.According to the analysis of financial indicators,the decline of Guoxuan Gaoke’s performance is mainly due to the decrease of accounts receivable and fixed assets turnover rate and the increase of cost and cost.The enterprises increase their R&D investment after listing,which improves their market competitiveness compared with before listing.In the comprehensive analysis of the industry level,the improvement of the profitability,solvency and R&D ability of Guoxuan Gaoke after listing makes it possible.The ranking in the industry has been improved,and more than half of the IPO listed companies have comprehensive performance.The above results show that the backdoor behavior has a greater impact on the short-term performance of new energy enterprises,while the long-term performance is greatly affected by macro factors and the enterprise’s own management factors.Therefore,enterprises need to further strengthen internal management to improve the turnover rate of total assets,but also need to guard against external risks.