| With the continuous acceleration of China’s industrial transformation,enterprises must constantly improve their market competitiveness.One of the effective ways to improve the competitiveness of the enterprise market is to enter the capital market.At present,the capital market of our country is still in the early stage of development,and the capacity of the market is relatively small.Therefore,the securities regulatory department of our country has adopted a strict approval system to restrict the request of the enterprises to go on the market.Compared with direct listing,backdoor listing,as a special way of listing,bypasses the strict scrutiny of regulatory authorities,and becomes a shortcut for enterprises to enter the stock market.Plus,since 2012,China has opened the seventh IPO pause.Therefore,it is of great significance for Chinese enterprises to study their backdoor listing behavior and analyze specific cases in this context.In recent years,China’s clothing industry has entered a new period of transformation and development,and clothing enterprises urgently need to improve their market competitiveness.As a typical garment industry,Hai Lan home successfully entered the capital market in 2013,and became the largest A clothing company.Therefore,we choose Hai Lan’s backdoor listing as a case to analyze the motivation and effect of backdoor listing,which can play an enlightening role for other enterprises’ strategic transformation and development.Taking Hai Lan home’s backdoor listing as a case,this paper analyzes the effect of corporate backdoor listing by literature research,case analysis,event study and comparative analysis.This article is divided into six parts to analyze the backdoor listing of the private enterprise.The first part is the introduction.This paper introduces the research background and significance of the topic,and by combing the literature at home and abroad,we have determined the research ideas and methods of this paper.The second part is the related basic research,first introduced the concept of backdoor listing;secondly summarizes the relevant theoretical basis,providing theoretical support for the analysis of the four or five part;finally summed up the private enterprises backdoor listing operation mode and listing motivation,including the concept,the backdoor listing of the relevant theory,operation mode and market drivers.The third part is the case of the shell listing of the home of Hai Lan.Itincludes the introduction of the two sides,the motivation of the backdoor listing,the course and the plan of the listing.The fourth part is the analysis of the effects of the backshell listing of the home of the Hai Lan,including the financial effect and the strategic effect.The analysis of financial effects is mainly carried out in five aspects:event announcement effect,debt paying ability,profitability,operation ability and development ability.This paper intercepts the data of the first two years of backdoor listing and one year after the backdoor listing,and makes a comparative analysis.Through strategic effect analysis,it is found that backdoor listing makes the financing channel of enterprises increase,the structure is optimized,the corporate governance structure is improved,the competition of the same industry is eliminated,and the scale economy and synergy effect are achieved.The fifth part is the summary.From the case,the inspiration of the case of the shell listing of the home of Hai Lan is summed up and applied to the development of the private enterprises.The sixth part is the conclusion of the study. |
