A Research On The Financial Effect Of M&A Listing In 360 Technology Inc.

With the prosperity of domestic capital market and the enhancement of financing ability,many enterprises strive to list.But the threshold of the A stock market is high and the waiting time for approval is too long,so many enterprises,especially those that are just beginning,focus on the listed enterprises and try to go public by backdoor.And some listed companies in the A stock market are in trouble because of the industry depression or their own operating problems,facing the delisting crisis,willing to be merged(selling shell resources).360 Technology Inc.and SJEC Corporation shell borrowing and let the shell behavior in this situation homeopathic.This paper describes the motivation and process of SJEC Corporation,discusses the internal transformation behavior of five major enterprises,such as rebuilding corporate governance structure,replacing assets and changing business model,and makes a detailed analysis on the financial effect and shareholder wealth after borrowing,analyzes the financial effect and shareholder wealth in detail,First,according to the commonly used accounting indicators of financial analysis,the time includes 2015-2019,through the principal component analysis method to construct the evaluation index system,to analyze the comprehensive score before and after SJEC Corporation was shelled;secondly,from the short-term market performance and long-term enterprise value analysis of shareholder wealth,in which the short-term market performance is analyzed by the event research method,Then overall evaluation Borrowing the financial effect of SJEC Corporation.This paper holds that under the guidance of policy,combined with its own advantages,360 Technology Inc.have successfully landed in the domestic capital market,and achieved a more significant financial effect,which is undoubtedly beneficial to itself,to the shell side,to the domestic capital market,and its success in borrowing shell is typical of the acquisition and merger of the capital market,the shell and the shell.