Research On The Financial Performance Of 2345 Backdoor-Like Listing

Under the influence of Internet,people’s life style is changing gradually.With the rapid innovation and development of Internet technology,people’s life is more and more convenient.Although the entry threshold of the Internet industry is low,its profitability is fast.Due to this special nature,the Internet industry is booming all over the world.However,the development of this industry is inseparable from the injection of a large number of funds,especially in the early stage of development.But in the initial stage,most Internet companies are in a state of capital shortage.In order to occupy the market as soon as possible,solving the shortage of funds has become the primary work of most emerging Internet enterprises.The development of domestic bond market is slow,and there is a certain distance from the requirements of real economy.Therefore,it is not very feasible for Internet enterprises to raise funds through bond issuance,so it should be considered to obtain funds from capital market channels.However,the response of the capital market to the tightening of supervision is multifaceted.In order to get listed,some companies evade the review rules of the new management method,inventing a "quasi-backdoor" method of enterprise restructuring.Make such a reorganization.This thesis starts to study this new way.Based on the motivation theory of mergers and acquisitions,it mainly discusses the impact of backdoors on listed companies and the capital market from a financial perspective,and makes judgments on whether it promotes the development of restructured enterprises and improves the efficiency of the capital market.It is hoped that this paper will play a practical reference role for Chinese Internet companies to achieve domestic listing.This paper is divided into five parts.In the introduction part,it introduces the research background and significance of this paper.After explaining the research environment,this paper introduces the basic motivation and significance of this paper,and summarizes the relevant theories of backdoor listing at home and abroad.The second chapter introduces the current situation of Internet listing in China,the research on backdoor listing and similar backdoor listing,and the development of recognition standards of backdoor listing in China.The third chapter analyzes the design scheme and motivation of the backdoor listing mode,taking 23455 as an example.The fourth chapter studies the short-term performance of M &A by using the event study method,and then analyzes the M &A by using EVA analysis method.Finally,we choose non-financial indicators which are in line with the characteristics of Internet enterprises to further analyze the performance of enterprises.Throug Abstracth the above analysis and discussion,the fifth chapter summarizes the three key points of Internet enterprises’ successful backdoor.First of all,we should select appropriate high-quality shell resources,and the original business of shell enterprises is most in line with the company’s long-term development strategy.Secondly,we should choose the right time to reduce the listing cost.Finally,we should be good at giving full play to scale effect and synergy effect,effectively realizing resource integration,and further enhancing enterprise value.