Research On The Financial Effect Of Backdoor Yaxia Auto In Zhonggong Education

After the promulgation of 2016 new regulations on asset restructuring,backdoor listing is becoming more difficult.Backdoor regulations and IPO listing regulations are gradually becoming similar.The popularity of "Taking advantage of backdoor" has taken a sharp turn,and the backdoor resources with poor operation are beginning to be ignored.But backdoor listing still has its unique advantages and charm,high-quality shell resources is the best driving force of backdoor listing.In addition,in recent years,with the introduction of preferential policies to support the development of the education and training industry,the education and training industry has ushered in a stage of rapid development.The education industry has gradually begun to centralize and brand development,and gradually there are a few giant enterprises in the education and training industry.Chinese public education is one of the giant enterprises.In May 2018,as the leader of the education and training industry,Chinese public education,as the first share of the public examination,successfully listed on the backdoor market,has received widespread attention.This paper takes the backdoor Yaxia event of China public education as the research object.Firstly,it elaborates the enterprise profile,transaction scheme and operation process of both sides of the event,as well as the transaction motivation of both sides of backdoor listing.Secondly,in the study of the short-term effect and long-term financial performance of public education listing,the event study method,financial index analysis method and principal component analysis method are used respectively.In terms of short-term performance,after the announcement of backdoor listing and reorganization,the market has given positive feedback since the resumption of business.This is embodied in the explosive rise of stocks.The cumulative excess return rate is almost reaching 150%,bringing huge returns to shareholders.From the perspective of long-term performance,after the backdoor listing of Chinese public education,Chinese public education’s profitability is very high.As the core of financial performance analysis,profitability is very excellent in the long-term financial performance of public education.However,due to the influence of the corporate strategy of backdoor expansion,the solvency and operation ability of public education have declined.But at the macro level,the successful listing of Chinese public education not only has a positive impact on the company,but also on Yaxia automobile.Finally,the paper summarizes and analyzes the case of public education backdoor listing.How to choose the proper way of listing,shell resources and payment methods,how to grasp the policy benefits,and how to make reasonable performance commitments are discussed in detail.The purpose of this paper is to provide reference for education and training companies and other industry companies that are eager to go public on the backdoor.