Analysis On The Financial Effect Of Backdoor Listing Of Easyhome

In order to effectively implement the principle of "housing without speculation",the domestic government has successively implemented a number of supporting measures for real estate purchase restriction.The real estate industry is developing in the direction of "de financialization".Its purpose is to weaken the financial attribute of housing as much as possible,strengthen the residential attribute of housing,and promote the stable and healthy development of the real estate market.At present,with the regulation and control of urban house prices in China to a certain extent,a large number of investment,speculative stock houses and vacant houses are transformed into residential houses.The demand for home decoration is increasing,bringing a larger consumer market to the home industry.Household enterprises have used the way of financing and listing to improve their scale and enhance their core competitiveness.Compared with IPO,backdoor listing requires shorter time,simpler audit process and higher efficiency,which has become one of the preferred ways for many enterprises to finance.In November 2019,Easyhome successfully listed Wuhan Zhongshang through reverse acquisition,becoming the only M & A case of backdoor listing of state-owned enterprises in China so far.Based on the literature review and theoretical research at home and abroad,this paper defines the related concepts of backdoor listing,and briefly analyzes its listing mode,backdoor motivation and process.Through the analysis,it is concluded that the backdoor motivation of Easyhome is mainly based on improving the reorganization efficiency,solving the capital demand,improving the market share and promoting the high-quality development of the enterprise;The motivation of Wuhan Zhongshang shell sales is mainly to accelerate the transformation and upgrading of listed companies,fulfill business commitments,solve horizontal competition and deepen the reform of mixed ownership.This paper focuses on the characteristics of high-quality shell resources.Based on the three theories of information signal theory,synergy theory and corporate control theory,this paper uses the combination of event research method and grey correlation analysis method to comprehensively evaluate the financial effects of enterprises before and after backdoor borrowing.The results show that the short-term market effect of Easyhome after backdoor is significant,and the financial effect is good.It further optimizes the ownership structure and has a better synergistic effect with the reorganization of shell companies.Finally,relevant suggestions and countermeasures are put forward to provide some reference for the backdoor listing of other domestic Pan home enterprises.