| As my country’s capital market continues to develop and grow,it is becoming more and more attractive to enterprises.Compared with initial public offerings(IPOs),backdoor listings require less cost and time,and at the same time,the success rate of landing on the capital market is higher.These characteristics make backdoor listings more favored by companies.Backdoor listing is conducive to companies breaking through the original production and operation structure,broadening financing channels,optimizing corporate assets and management structure,enhancing their brand value and strength,and achieving leapfrog development.However,due to the complexity of the backdoor listing and the increasingly strict supervision today,companies face different types of risks in the process of backdoor listing,and these risks may lead to the failure of the company’s backdoor listing.At present,domestic and foreign scholars mainly focus on the motivation,performance,mode and accounting treatment of backdoor listing,and there are few studies on risk and risk control.Therefore,this article summarizes the successful backdoor listing cases of Saurer Smart,and provides a certain reference for the risk control of Chinese companies’ backdoor listing and related research.This article selects successful cases of Saurer’s backdoor Xinjiang urban construction,combined with the existing research results of inland and oversea academicians,wields case method and event analysis methods to research the task,and specifically explores the risks and risks command steps that Saurer faces in the deal,and simultaneously research the performance of the backdoor listing after Saurer’s intelligent risk control from two aspects: short-term market response and long-term financial performance.Firstly,it recommends the study background and meaning,discusses the study status inland and foreign,and determines the research thinking and ways.Secondly,the definition of backdoor listing,the risks of backdoor listing and related theoretical basis are introduced.Thirdly,it research the case,and conducts a minute research from the background of the case,the specific conditions of both parties,and the transaction process.Based on case analysis,the analysis of the risk and risk command of Saurer Smart’s backdoor listing,detailed discussion of the risks faced by Saurer Smart’s backdoor listing,including shell resource selection risk,value assessment risk,financing risk,business integration risk,and performance commitment risk.At the same time,it analyzes the risk control measures taken by Saurer Intelligence for different risks,including selecting reasonable shell companies,formulating a sound backdoor listing plan,choosing a reasonable payment method,formulating performance commitment agreements and integration plans.From the second time,analyze the financial performance and market response before and after the risk control of Saurer Smart’s backdoor listing,use the event analysis method to analyze the short-term performance from the market response,and select the financial data from 2014 to 2019 from the solvency,profitability,Analyzing the fiscal effect of Saurer Intelligent Risk Control from four aspects of operational capability and development capability,it was found that the financial performance of Saurer Intelligent after the backdoor listing has improved,and the market response has also been better.Finally,after the previous analysis,the research conclusions and enlightenment are drawn.The company should formulate a reasonable and effective backdoor listing plan,comply with the macro environmental policy,step into the fast lane of development,and strengthen risk management. |
