Backdoor Listing And IPO Company Performance Research

At present,there are mainly two listing methods in China: IPO(initial public offering)and backdoor listing,of which IPO is the most commonly used listing method.Under the special era and economic background of China,China’s IPO has experienced several periods of suspension.In addition,there are many constraint mechanisms for IPO,and the queuing period is long,which increases the difficulty of IPO listing,prompting more enterprises to choose backdoor listing.As a result,backdoor listing has become increasingly active,attracting more attention from investors,regulators and scholars.At present,there are many individual case studies on backdoor listing.These studies mainly focus on the internal analysis of backdoor listing,while this paper is a horizontal comparative analysis of corporate performance after IPO and backdoor listing in the same period.In addition,this paper not only introduces the impact of regional financial development on subsequent performance to measure the impact of listing methods on subsequent performance;Considering that different industry characteristics may be suitable for different listing methods,this paper divides the sample data into two groups: manufacturing and non manufacturing,and makes a comparative analysis of their subsequent performance.This paper takes companies listed in Shanghai and Shenzhen A shares,backdoor and IPO in two different ways from 2007 to 2018 as the research object,and makes a comparative analysis of their performance in the three years after listing.The measurement standard is Tobin-Q,which is widely used in the world.In order to ensure the accuracy of the conclusions,this paper also uses the period value CAR to assist in measuring enterprise performance.The study found that the follow-up performance of enterprises in backdoor mode was significantly better than that of enterprises listed through IPO.In the grouping regression of two groups of data with different regional financial development levels,it is found that the regional financial development level is high,the corporate performance of backdoor companies is significantly better than that of IPO companies,while the regional financial development level is low.Compared with IPO companies,backdoor companies do not have significant advantages in promoting corporate performance after listing.After grouping and regression through industries,it is found that,compared with IPO,the performance growth of manufacturing industry after backdoor listing is significantly lower than that of non manufacturing industry after backdoor listing.These conclusions show that,on the whole,backdoor listing is to some extent an effective complementary mechanism for IPO listing,but the choice of backdoor listing or IPO listing also needs to be combined with the development of the enterprise itself,the nature of the industry to which the enterprise belongs,the background of regional financial development,the background of era policies,etc.,to choose a listing mode that is more conducive to the successful listing of the enterprise,and also conducive to the improvement of the performance of the enterprise after listing.This research is based on the current background and policies.From the research on all previous IPO and backdoor listing policies,it is found that the corresponding supervision of both IPO and backdoor listing is increasingly strict.If an enterprise wants to go public and achieve long-term development in the future,it must not be opportunistic,but need to consolidate the enterprise foundation and enhance its core competitiveness.