Research On The Performance Of Backdoor Listing In Saurer Intelligent

In recent years,China's economic growth rate has slowed,which has affected the pace of development of most industries in China.To cope with the impact of changes in the economic and industrial environment,More and more companies want to go public,using the capital market as a platform to strengthen themselves.As companies applying for IPO gradually line up,backdoor has become another popular way of listing,but with the continuous improvement of the regulatory system,the requirements of the CSRC for enterprises applying for listing are becoming higher and higher.The successive revision of the "Measures for Administration of Material Assets Reorganization of Listed Companies " shows that the difficulty of borrowing backdoor is increasing,but compared with IPO,most companies still choose to go public by backdoor.By studying the successful implementation of backdoor listing under the new regulations,combining with the main points of change before and after the revision of the method,finding the important and difficult points of backdoor listing under the new regulations can help us to have a deeper understanding of the relevant provisions of backdoor listing,help enterprises to formulate the next development strategy,and have reference significance for the enterprises that want to backdoor listing.This paper takes Saurer Intelligente as the research object,in the research process,Uses the literature research method,contrast analysis method and case analysis method,this paper combs the research situation about backdoor listing at home and abroad,and analyzes the motivation of theories such as signal transmission and rent-seeking,combined with the characteristics of Saurer Intelligente and Xinjiang Urban Construction,analyzes the motivation of both sides of this transaction to borrow and let the shell.On this basis,the market response of Saurer Intelligente is analyzed,and it is found that the success of the backdoor listing has a positive impact on Saurer Intelligente;through the horizontal and vertical comparison of the financial data of Saurer Intelligente,it is found that after listing,Saurer Intelligente's solvency and profitability have improved;and from the fundamentals of Saurer Intelligente,it is found that after listing,Saurer Intelligente has expanded its market share in the world.In addition,combined the industry characteristics of Saurer Intelligente and its behavior after listing,it is found that Saurer Intelligenteequity pledge risk is high,profitability also needs to be further improved,based on this,some suggestions are put forward to help them improve their performance.The conclusion shows that Xinjiang's geographical advantages,government support and preferential policies contributed to the success of this transaction;the backdoor listing has a positive effect on Saurer Intelligente to improve its performance,but companies should continue to enhance the market competitiveness to cope with the impact of macroeconomic and industrial environment;broaden the financing channels and reduce the risk of equity pledge and financing costs;improve the level of information disclosure to reduce the degree of information asymmetry between enterprises and investors,hope to be able to provide experience for other backdoor listed enterprises.