Analysis Of The Motivations And Performance Of Backdoor Listing In The New Media Industr

In recent years,major e-commerce platforms have gradually matured under the rapid development of the Internet,and the close integration of the Internet and the economy has allowed the market to enter a new phase of media marketing.As the new media marketing industry continues to grow,more and more new media marketing companies are looking to increase their access to capital and enhance their corporate competitiveness by going public and capturing market share.For an emerging industry such as new media marketing,the regulator is doubtful about its ability to sustain growth and the listing review is strict.However,in 2018,the national policy on corporate restructuring was relaxed and the price of shell resources fell back,with the domestic shell market picking up as a result,providing a new path for listing.In this article,we have selected the IMS from many new media marketing industries,not only because it is known as the "first stock of the new economy for red people",but also because of the unique listing method of this company-"buy shell + absorption merger".Based on the existing research findings and the listing of IMS,this paper focuses on "the reasons for the listing of the IMS in a shell and the impact on its performance" to answer two questions:(1)what are the reasons for the listing of IMS in a shell;and(2)whether the listing in a shell has improved the performance of IMS.This paper firstly compares the new media industry and the process of the shell listing of IMS as the basis for the subsequent analysis;then relies on the transaction cost theory to explain the motivation of the shell listing chosen by IMS,and answers the first question from the analysis of both micro-motivations and macro-motivations,then through the deep excavation of IMS and the shell company,it is found that the business of the shell company has been fully the write-off and replacement will not have an impact on the performance after the listing,and there is no insider trading in the listing,which can indicate that the changes in the company’s performance before and after the listing are caused by the event of the shell listing;finally,the event study method and information and signal theory are used to make an analysis of the short-term and long-term reactions of the market before and after the shell listing,and by comparing the changes in the financial data and EVA values before and after the listing.The second question is answered by comparing the impact of the shell listing on financial performance.The conclusions of this paper are:(1)The new media marketing industry in which IMS is located is rapidly changing and iterating,reviewing the listing will increase its time cost and miss the competitive opportunity;the fall in the price of shell resources can alleviate the company’s transaction cost.Therefore,a shell listing was the best option for the company under the circumstances.(2)From the market reaction after the listing of the company,the company obtained a financing of $2 billion right after listing,which was absolutely recognized by the trading market and solved the problem of limited financing channels for the company.From the financial data,the company’s financial indicators responded well,EVA value turned from negative to positive,and the company invested heavily in research and development,so that the scale of the company from a single WEIQ big data analysis system before the listing to four major redneck economic ecosystem after the listing,the development of the IMS has achieved a qualitative leap.The application value of this article is: on the one hand,to make suggestions for the subsequent development of the IMS;on the other hand,to provide new path options for the listing of the shell.