Research On Financial Performance Evaluation Of Shanxi Boad&bridge CO.,LTD Backdoor Listing

In order to deepen the reform of state-owned enterprises and make effective use of the shell resources of state-owned enterprises,the Shanxi State-owned Assets Supervision and Administration Commission and the provincial government included the three-dimensional restructuring of Shanxi into the reform of state-owned enterprises in the transportation field and proposed to reorganize Shanxi three-dimensional and build a highway listing platform in the province.Shanxi Road and Bridge Construction Group Co.,Ltd.has developed rapidly in recent years.The construction of the expressway network has been perfect and continues to grow.However,it is faced with the high debt of enterprises and urgently need a large amount of funds to expand the scale of the enterprise.Therefore,it is urgent to build a platform for listed companies for asset management and operation.The Shanxi It has laid the foundation for the transportation industry in Shanxi Province to revitalize state-owned assets through the capital market,realize the capitalization and securitization of highway assets,broaden the financing channels of state-owned enterprises,and realize the effective integration of state-owned resources.In this research context,this paper combines theory with practice,selects Shanxi Road and Bridge,the first expressway listed company in Shanxi Province,as the case study object,and summarizes the existing problems by studying the motivation of its backdoor listing and the financial performance before and after listing.First of all,this paper sorts out the domestic and foreign literature on backdoor listing according to the motivation and performance of backdoor listing,and understands the current basic situation of backdoor listing research.Secondly,it makes a simple exposition of the relevant concepts and theories used in this article,laying a theoretical foundation for the analysis of the following article;again,introduces the specific situation of both parties and the specific implementation process of the transaction,and analyzes the motivation and motivation-driven effect of both sides of the backdoor.Then,combined with the realization of the motivation-driven effect in terms of financial performance,the financial performance of Shanxi Road Bridge before and after the backdoor listing is evaluated from the short-term and long-term Price.The event research method is used to evaluate the short-term financial performance of the market response before and after the backdoor listing of Shanxi Road and Bridge;the long-term financial performance of Shanxi Road and Bridge is evaluated horizontally through factor analysis;the long-term financial performance of Shanxi Road and Bridge is evaluated vertically through financial index analysis and EVA comprehensive analysis.The evaluation result is that investors have a good attitude towards backdoor listing in a short period of time,and their short-term financial performance has improved.In the long term,the profitability and operating capacity of the enterprise have improved,and the company has great development potential.After backdoor listing,it has basically achieved its rectification purpose,but in the process of analysis,it is also found that Affected by the policy,it is necessary to take measures to ensure the growth of toll revenue,the company’s debt structure needs to be optimized,the management risk prevention and control needs to be strengthened,and the development potential is insufficient,and the comprehensive market competitiveness is weak.Finally,in response to these problems,this paper puts forward suggestions for the future development of Shanxi Road and Bridge,such as improving the toll income of enterprises,optimizing the asset and liability structure of enterprises,strengthening the prevention and control of enterprise operating risks,and improving the comprehensive competitiveness of enterprises,in order to provide reference for the future development of the company.