Research On Financial Performance And The Influencing Factors Of Backdoor And Backdoor-like Listed Enterprises

Since 2011,backdoor listing has become the focus of supervision in China's capital market.On the one hand,China's listing approval system has become scarce resource,and the enterprises' listing demand is difficult to satisfy by IPO only.The backdoor listing has become a popular method for enterprises going public.On the other hand,the backdoor listing and delisting system has led to the phenomenon of disruption of capital market order,such as shell resource speculation and insider trading.Therefore,China's Securities Regulatory Commission has continuously raised the threshold for backdoor listing,which led to the emergence of two types of listing methods after IPO:backdoor listing and backdoor-liked listing.Some scholars believe that backdoor-liked listing is an institutional arbitrage behavior.This paper compares two kinds of way of reorganization listing.First of all,this paper uses the existing literature and theories to explain the behavior of the to-be-listed companies when they decide to reorganization listing.Secondly,counting collected samples by the descriptive statistics method to describe the development and current situation of China's backdoor listing,and the constraint effect of the backdoor supervision system on the choice of the to-be-backdoor-listedenterprises is summarized,which proves the effectiveness of the system to a certainextent.Finally,using the sample of companies,this paper examines the significant differences between the asset quality of the two types of backdoor listed companies,Sbetter in the year of listing and one year after listing.According to the previous words,this paper selects representative cases-Health100 and 2345 for further discussion,it is concluded that the reasons for the company to choose different ways to going public are:the combination of asset quality regulatory,executive behavioral differences,and stability of stock control.This paper divides the research object into the backdoor listing and thebackdoor-liked listing,and compares the differences of the financial performances after going public,and analyzes the reasons for the difference,which has theoretical innovation and practical guiding significance.Through statistical analysis and case study of sample enterprises,this paper proposes the following suggestions:the regulatory department needs to improve the review mechanism and pay attention to the nature of the transaction;the backdoor-liked listing enterprises should handle the distribution of control rights with the previous shareholders of the original listed company when they go public;the management of the backdoor listing companies should enhance their confidence after going public,and use the advantages of fundraising to improve their business performance.