Research On Motivation And Performance Of Aiko Solar Backdoor Listing

The development of energy in human society began in the fuel wood period,and after entering the electric age,the raw materials of energy supply are mainly fossil fuels such as coal,oil and gas.In the foreseeable future,low-carbon and environmentally friendly wind energy,solar energy and other new energy will replace fossil fuels and become the main way to realize human social functions.Since the1990 s,China gradually developed solar energy photovoltaic power generation,in recent years,the photovoltaic industry is entering a period of rapid explosive development,industry scale is expanding,core technology is also in rapid development in iteration,and now some of the photovoltaic enterprises owned photovoltaic projects and related technologies have reached the world leading level.After the financial crisis,the industry has developed rapidly,but photovoltaic enterprises have been affected by the "531" new policy in 2018,and the difficulty of external financing,especially bank financing,has soared.How to obtain financing to put into production has become the primary problem for Chinese photovoltaic enterprises.In this context,this paper takes photovoltaic enterprise Aiko Solar Energy as the research object,and studies and analyzes its backdoor motivation and performance before and after listing.First of all,this paper summarizes and comments the relevant literature at home and abroad,and on this basis determines the writing idea and framework of this paper.At the same time,the concepts involved in this paper are defined,and related theories are elaborated and illustrated.Secondly,this paper summarizes and analyzes the situation of the two sides of the case,the development process of backdoor listing and the motivation of the two sides.The event study method,financial index analysis method and EVA index analysis method are used to calculate and study the market reaction and relevant data before and after listing,and analyze the changes of corporate performance after backdoor merger and the influencing reasons.Finally,this paper draws the corresponding conclusion by combing and analyzing the case events,and puts forward the enlightenment for other enterprises to backdoor listing.Through the comprehensive analysis of the backdoor listing of Aiko Solar Energy,this paper draws the following conclusions: First,the motivation for the backdoor listing of Aiko Solar Energy is mainly to seek rapid listing,seize market opportunities,expand financing channels,expand industrial layout,improve corporate value and enhance its visibility.ST Xinmei’s motivation is mainly poor business performance,faced with delisting crisis,limited industry development,enterprises seeking transformation;Second,the corporate performance of Aiko Solar Energy has been improved to some extent after the backdoor listing.With the opening up of the environment and the recovery of the economy,the financial performance and non-financial performance of enterprises will have more room for growth.Third,the integration of Aiko Solar Energy and ST Xinmei after the backdoor listing has produced positive feedback in terms of synergies,equity incentive plans and technology research and development innovation.The innovation of this paper is that the research object is unique and representative.In previous studies on backdoor listing and financial performance,case companies were mostly concentrated in manufacturing,Internet and express delivery industries,with little attention paid to the photovoltaic industry.In this paper,photovoltaic enterprise Aiko Solar Energy is selected as a case to improve the theoretical research conclusions of photovoltaic industry enterprises in backdoor listing,and provide reference and inspiration for other photovoltaic industry enterprises in the future backdoor listing.