| Public school education and private education enterprises are both very important components of my country’s education system,and they are also the backbone of promoting social and economic development and national rejuvenation.In recent years,with the development of the social economy and the further optimization of the economic structure,the role of private education enterprises has gradually been enlarged,especially in the vocational education sector.In order to promote the development of vocational education,relevant state support has been continuously increased,and a series of policies and reform implementation plans have been issued.At the same time,with the continuous increase of education expenditures as a proportion of household expenditures,the continuous increase in the number of college graduates,and the increasing demand for professional skills improvement among professionals,the development potential of vocational education is huge.However,what followed is the ever-increasing competition in the industry.In order to seize the opportunity of rapid industry development,more and more education companies hope to enter the capital market,broaden their financing channels,enhance their development capabilities,and further improve The comprehensive competitiveness and brand influence of the enterprise in the industry.Currently,the main ways for Chinese companies to go public are IPO and backdoor listing.However,the IPO approach has restrictive factors such as strict review,high conditions,long time,and unstable policies.In contrast,the entire process of backdoor listing is easier to operate and takes less time.Although after the reform of the registration system,companies’ enthusiasm for backdoor listings has weakened,they still have a certain appeal for companies that are in urgent need of financing and listing.Whether or not a positive market response and better performance can really be obtained after the backdoor listing requires further research.This article adopts the case analysis method and selects the case of Zhonggong Education’s backdoor Yaxia Automobile as the research object.It analyzes the case of Zhonggong Education’s backdoor listing and explains the motivations of the two parties’ transactions.At the same time,it focuses on the use of event research method and balanced scorecard method to analyze separately Performance in the three dimensions of market,finance and non-financial.It is found that the performance of Zhonggong Education’s backdoor listing has performed well and improved in every dimension.Combining the results of theory and case studies,we put forward policy recommendations at the national and enterprise levels to help the country optimize education companies’ backdoor listing,and provide reference opinions for related companies that need backdoor listings.The research content of this article consists of six chapters:The first chapter is the introduction.This chapter mainly introduces the research background and research methods of this article,and discusses the research significance,expected contribution and shortcomings of the backdoor listing of research education enterprises.The second chapter is the literature review.This chapter mainly sorts out the current research status related to the topic selection,summarizes the main motivations for backdoor listing,and analyzes the research results of performance evaluation content and evaluation methods by domestic and foreign scholars on the basis of explaining the related concepts of backdoor listing.Literature review.The third chapter is the theoretical analysis related to the backdoor listing of educational enterprises.On the basis of introducing the theory of backdoor listing of educational enterprises,this chapter further explains the related theories about the motivation and performance of backdoor listing of educational enterprises,focusing on the research and analysis of the performance influencing factors and evaluation dimensions of the backdoor listing of educational enterprises.The fourth chapter is a case study of the motivation and performance analysis of education companies’ backdoor listing.This chapter introduces the general situation and motivations of backdoor listing of education enterprises.Based on theoretical analysis,it evaluates the performance of the backdoor listing of Zhonggong Education from the three dimensions of financial performance,non-financial performance and market performance,and obtains the evaluation results.The fifth chapter is to optimize the policy recommendations for backdoor listing of educational enterprises.In response to the above analysis and evaluation,this chapter proposes suggestions for improving the backdoor listing of educational enterprises from both the country and the enterprise level,and provides some reference and reference for related companies that have the need for backdoor listing.The sixth chapter is the research conclusions and prospects.This chapter analyzes the research process and content of the whole research,summarizes and draws corresponding conclusions,and makes relevant research prospects for the deficiencies of this article.The main contributions of this article are as follows:(1)In terms of research objects,it has enriched the theoretical research on backdoor listing in the education industry.Due to the short development time of educational enterprises in our country,the market is still in the process of continuous improvement,and educational enterprises have low thresholds,different scales,and fewer listed enterprises.Therefore,there are fewer researches on the listing of educational enterprises.This article combines Policy background and characteristics of the education industry,select companies with good development momentum in the education industry,analyze the motivation and performance of backdoor listing,and provide new industry materials for backdoor listing research.(2)In the evaluation system,it provides reference for the construction of the comprehensive performance evaluation system of education enterprises.Through studying the case of the backdoor listing of Zhong Gong Education,analyze the process of the backdoor listing and the motivation of the backdoor listing,and combine the event research method and the balanced score card method to further analyze the performance before and after the backdoor listing,comprehensively considering the three dimensions of market,finance and non-financial factors It avoids the limitation of only financial indicator analysis,and has certain practical significance.(3)In terms of reference and application,through the analysis and research of the case of Zhonggong Education’s backdoor listing,this article can provide part of the practical experience and theoretical support for the backdoor listing of educational enterprises,and help the backdoor company to select the shell company and the method of the backdoor in a targeted manner.It will provide more reference and reference to education companies that have the willingness to backdoor in the future,mobilize the development enthusiasm of education companies,and promote the better development of the vocational education market. |
