Analysis Of The Motivation And Effect Of Offcn Education’s Backdoor Listing

After my country’s economic development has entered a new normal,the state has successively issued a series of policies to vigorously develop vocational education.The emergence of favorable policies has opened up a new runway for the vocational education industry,and the competition among various educational institutions has become increasingly fierce.Listing can help education and training institutions expand their reputation,improve their financing capabilities,and enhance their core competitiveness.As a leading enterprise in public examination training,Offcn Education has been deeply involved in the vocational education industry since its establishment.In February 2019,Offcn Education was listed on the Shenzhen Stock Exchange and became the first stock in the vocational education industry.This paper takes the backdoor listing of Offcn Education as the research object of the case.By combing the relevant literature of backdoor listing at home and abroad,it analyzes in detail the reasons for the backdoor listing of Offcn Education,expounds the process of the institution’s backdoor listing,and analyzes the performance changes after the institution’s backdoor listing.First,in terms of market reaction,the Tobin Q method was used to conduct a horizontal analysis combined with educational institutions listed on A-shares;secondly,the EVA method and entropy method were used to longitudinally analyze the financial performance of Offcn Education before and after the backdoor listing;Including brand value,R&D innovation,and fulfillment of social responsibility,different indicators are selected to compare and discuss,so as to analyze the changes in non-financial performance of Offcn Education after backdoor listing.Through the above analysis,from the perspective of the external environment,this paper believes that the favorable policies issued by the relevant government departments,the improvement of the economic level,the large market demand for vocational education,and the development of science and technology have laid the foundation for Offcn Education to choose a backdoor listing;From the perspective of the internal development of public education,backdoor listing is to meet financing needs,expand business scale,improve marketing capabilities,and strengthen supervision and management.This paper selects the data from 2017 to 2021 as a sample for research,and finds that in the short term of this backdoor listing,the market response and financial performance have improved qualitatively after the listing in2019-2020.Tobin’s Q value is far ahead of other educational institutions.At the same time,the stock price continues to rise,the market value has exceeded 200 billion,EVA has skyrocketed,and profitability and solvency have also shown a good trend.However,in 2021,individual indicators affected by the macro environment will show varying degrees of decline,so in the long run,its performance will be unstable to a certain extent.In terms of non-financial performance,brand value,R&D innovation,and social responsibility fulfillment levels have all been improved to a certain extent after the backdoor listing,which has brought a good reputation to the company and is conducive to the long-term development of the company.Finally,corresponding suggestions are put forward from three perspectives: the company concerned,backdoor listing,and other educational institutions to be listed.