Research On The Motivation And Performance Of Backdoor Listing Under The Background Of Mixed Reform Of State-owned Enterprises

As one of the significant breakthroughs in the corporate innovation,mixed ownership companies have numerous roads.State-owned enterprises are significant links in our economic context.While they contribute to our country economic growth,it is also exposed insufficient profits,the government and enterprise indistinguishable,low efficiency,lack of motivation for innovation and other outstanding shortcomings.By taking advantage of this kind of reform,state-owned companies are revitalized again,changing a series of drawbacks such as "institutional rigidity" and low efficiency.Private enterprises also improve their operating conditions and financing ability.There are numerous successful cases of mixed reform.However,a great many companies are still look on due to many difficulties,and have not changed themselves.The mixed reform can be divided in3 parts: the first stage is the pilot practice from point to point;the second stage is the breakout stage under the policy and experience;the third stage is to ascribe rational practical departure.The mixed transform is no longer a bold "mixed",but a refined "reform".From the past experience,the mixed transform in most cases by the introduction of new investors,integrated or spin-off listing and other ways to promote reform.What is different from most of these cases is that JRZJ actually created the first one to realize the dream of landing on the capital market through the state-owned shell.At the same time,there have been few such large-scale asset restructuring events in the A-stock market since 2019.The explore on it can provide certain advantages and disadvantages for the companies that want to go through this road,so as to avoid blindly chasing the wind in the form of not suitable for their own development and making efforts in vain,but without long-term results.The backdoor listing event of JRZJ under the great wave of mixed reform is taken as the research focus.By combing through its backdoor listing process,and analyzing the reasons and affects of this thing,the paper also gives the valuation situation of JRZJ through a variety of ways.In addition,the valuation analysis is carried out on whether the listing of JRZJ is only recognized by the capital market as said,and whether the consideration of WHZS is reasonable to a certain extent.The whole process of the "snake swallowing elephant" eventual listing is comprehensively and carefully analyzed,so as to give some ideas for companies who want to come into the market through backdoor under the environment of the mixed transform.The companies in the industry characterized by "small enterprises" provide certain practical achievements for reference in the development transformation.