Study On Financial Effect In Backdoor Listings Of Tianrun Dairy

China stock market has been developing for 30 years.It provides channels for companies with financing needs.With the development of capital market,more and more enterprises choose to go to public for directing financing to obtain more funds that can be used effectively,in order to expand the scale of the enterprise,improve the competitiveness in the same industry,and realize the long-term and effective development of the enterprise.As a kind of resource allocation method with short time and low threshold,backdoor listing has been widely used in the capital market.This method can help enterprises drive enterprise development,improve their management level,improve the governance structure and realize the maximization of economic benefits.This paper takes Tianrun dairy as a case,it analyzes the reason,the unique transaction structure and the financial effect of the case with normative analysis.The paper mainly includes five parts:The first chapter,introduction.This part expounds the research background,theoretical and practical significance,literature in China and allover the world,research content,framework,the method used and the innovation of th e paper.The second chapter is related theory.This part introduces the relevant concepts,the relevant theoretical of the financial effect,the motivation,and the transaction structure.The third part,case analysis.This part firstly expounds the basic situation of dairy processing and manufacturing industry,then elaborates the listing situation of the dairy processing and manufacturing industry and the transaction structure of the listed companies.And analyzes the motivation and transaction structure of the backdoor listing.The fourth part is the financial effect study of Tianrun dairy's listing in Tianhong.Firstly,the paper compares the financial indexes before and after the backdoor listing with the financial indexes of other companies in the same industry and compare the short-term and long-term market reaction of backdoor listing,then get a conclusion.The fifth part is conclusions and implications.This part summarize the conclusion of this paper and point out the shortcomings.Some Suggestions are put forward for other companies that are preparing to go public.The paper applies the literature research method and normative analysis method to analyze the research on the backdoor listing of scholars.Taking the case of Tianrun dairy as an example,analyse the transaction structure and financial effect by case analysis method.At last come to the conclusion.