| With the national "double carbon" strategy,the green low-carbon lifestyle is on the agenda,which also drives the rapid development of renewable energy.Photovoltaic power generation has attracted much attention in the market for its high efficiency and stable performance.With the support of national policies and market demand,the number and scale of China’s photovoltaic power generation industry has developed rapidly,and competition among enterprises has intensified.In order to strengthen their own strength and improve their competitive position in the industry,many enterprises have opened the door to the capital market and chosen to go public in order to achieve their development goals more quickly and effectively.In China,there are IPO and shell listing available for enterprises to choose,but for enterprises that are eager to go public for financing,time cost is one of the important factors affecting the choice of listing method,and shell listing takes precedence over IPO listing at this time.Therefore,this paper selects case companies that have been successfully listed in a shell in recent years to explore whether different motivations for listing in a shell have different effects on corporate performance and to investigate the correlation between the motivation of listing in a shell and corporate performance.Through the study of the motivation and performance of the shell listing of Aixu Technology,we enrich the case studies of shell listing of private enterprises in China and provide reference value for companies preparing for shell listing.Based on the findings of the literature on shell listing by domestic and foreign scholars,this paper analyzes the basic situation of both the borrower and the transferor companies and the process of shell listing with the help of theories such as signal theory,market power theory and efficiency theory.Then,we use various methods to analyze the performance of Aixu Technology before and after the IPO,including short-term performance analysis of the capital market reaction by using event research method,investigation of investment,financing and operation of Aixu Technology after the IPO,long-term performance analysis of its financial performance before and after the IPO by selecting relevant financial indicators,and comprehensive financial performance analysis by using economic value-added model,etc.;finally,through the comprehensive analysis of the performance of Aixu Technology after the IPO,we can draw relevant conclusions and conclusions.Finally,we can draw conclusions and insights from the comprehensive analysis of post-listing performance.The main findings of this paper are as follows.（1）The shell listing avoids the risk of IPO application failure,effectively saves the time cost of listing and helps the enterprise to achieve the financing goal quickly.In addition,through the shell listing,Aixu Technology accelerates the enterprise to realize the strategic layout of scale,form the scale effect and improve the competitiveness of the enterprise.（2）The event study method was used to analyze the capital market reaction at the time of the event.The excess return was significantly positive in the days before and after the event date,and then showed a small up-and-down amplitude phenomenon,and the cumulative excess return rose significantly around the event date,and then gradually declined and stabilized,indicating that the event had a positive effect on the market in the short term and was subsequently absorbed by the market.（3）Through a comprehensive analysis of the financing,investment and operation management aspects of the shell listing,it is found that after the listing of Aixu Technology,the financing channels are increased,and the funds raised through refinancing are used to invest in base construction and technology research and development,which effectively improves the competitive strength of the enterprise and promotes the process of scale development of the enterprise;after the shell listing of Aixu Technology,the management of supply,production and sales of the enterprise is strengthened,and the operation management efficiency of the enterprise is greatly improved.（4）Finally,using the financial index method to compare its financial data,we found that the profitability and development capacity of the enterprise improved significantly in 2019,but slightly decreased in 2020 due to the epidemic;the operating capacity and solvency of Aixu Technology gradually improved after the listing,and the capital structure was in line with the development status of the enterprise;using the economic value added model,we found that the economic value added of Aixu Technology increased significantly after the shell listing,which indicated that the shell listing had a positive impact on its financial performance in the short term,and the enterprise was able to effectively use capital and create a lot of value for the shareholders of the enterprise. |
