Financial Performance Analysis Of Backdoor Listed Companies In China

Facing the increasing competitive pressure,enterprises have to obtain more financing channels through listing,so that they can flourish and improve their business performance.However,there are IPO and backdoor listing in China.Nowadays,backdoor listing has more advantages than IPO listing because of its selling process,operation scheme and listing time.Therefore,more and more enterprises tend to choose backdoor listing to achieve efficient financing and expand their own development.However,after backdoor listing,has the enterprise really been upgraded? After backdoor listing,does the financial performance of the enterprise improve substantially? These problems have always been the focus of the community.Therefore,it is necessary to study the financial performance of backdoor listing.This thesis first reviews and summarizes some domestic and foreign literature and related concepts about backdoor listing,and on this basis,combined with the current situation of backdoor listing of Chinese enterprises,summarizes the institutional background,time distribution,industry and trading mode of backdoor listing of Chinese enterprises.Then the event study method is used to analyze the changes of short-term financial performance of backdoor listed enterprises from 2014 to 2019,and the factor analysis method is used to study the long-term financial performance of sample enterprises.Secondly,this thesis also selects a case of Aiko Solar backdoor Shanghai Xinmei,specifically describes the backdoor background,backdoor transaction process and specific scheme of both sides,and analyzes the backdoor motivation of both sides.Then,in the case of Aiko Solar backdoor listing before and after the change of financial performance,the event study method and financial index method are applied to analyze from the short-term and long-term aspects.At last,based on the combination of empirical research and case study,it is concluded that the short-term financial performance of enterprises after backdoor listing has been significantly improved,but the long-term financial performance is not very ideal,and the corresponding suggestions are put forward: enterprises should correctly treat the significance of listing and grasp the trend of market policy;Looking for high-quality shell companies and choosing the best backdoor scheme;Improve the risk management and control system,and reasonably prevent the risk of M & A;Actively accelerate the integration of resources and give play to the synergy effect;Formulate innovative development strategy and improve the ability of sustainable development.