Research On Performance Evaluation Of Zhongtai Automobile Backdoor Listing

With the reform of economic system and the development of private economy,in order to achieve the goal of financing and diversification,most enterprises will use the securities market.In China,the approval of A-share market is relatively strict,and the threshold of IPO is very high.Therefore,how to effectively obtain the listing qualification has become the primary concern of many enterprises.Especially for China’s automobile manufacturing industry,it is difficult to be listed successfully.Since 2017,the development of China’s automobile industry is not ideal,and it is difficult to meet the IPO requirements.Therefore,backdoor listing has become the primary choice of enterprises.In September 2016,China Securities Regulatory Commission revised the management measures for backdoor listing,which made it more difficult than before.In this context,it is very important to explore the reasons why enterprises still choose backdoor listing and the impact of backdoor listing on enterprise performance.This paper selects the case of Zhongtai Auto’s backdoor listing of Jinma shares,combs the current situation of China’s auto industry listing,backdoor background,backdoor scheme implementation and backdoor listing motivation.According to the relevant concepts and theories of backdoor listing,combined with the performance evaluation method,this paper constructs the evaluation system of eva-bsc,and integrates EVA into the financial dimension of BSC to evaluate the performance before and after backdoor listing.The evaluation system integrates financial synergy,market synergy,management synergy and operation synergy,and combines enterprise value with strategic objectives.So as to judge its backdoor listing operation effect,and finally draw a conclusion,and put forward the enlightenment.It can provide some reference for the auto companies that plan to go back to the stock market.The results show that the backdoor listing did not bring a qualitative leap for the enterprise.Only in the year of backdoor listing,the business scope was expanded,the profit increased and the value added was realized.But in the long run,the performance was poor and the enterprise value decreased,which did not promote its sustainable development.After backdoor listing,Zhongtai automobile has weak solvency,no effective risk control,imperfect strategic planning and management,and insufficient core competitiveness.Secondly,after Zotye backdoor listing,the resource integration effect is not good,the capital utilization rate is low,and the upstream and downstream collaborative management level is poor,which leads to the failure of the enterprise to realize the performance commitment,the loss of customers,the decline of performance,the face of high debt,and finally the huge loss,which hinders the sustainable development of the enterprise.Therefore,backdoor listing is not necessarily able to bring good benefits for enterprises,so some suggestions are given to other enterprises planning to backdoor listing:(1)enterprises should carefully re select the resources to reduce the risk of backdoor listing.(2)Improve enterprise strategic planning and management,strengthen the core competitiveness of enterprises.(3)Optimize the integration of backdoor listing resources and improve the utilization rate of funds.(4)Improve the long-term management level of backdoor listing and realize sustainable development.