The Analysis Of The Impact On Backdoor Listing After The Introduction Of Growth Enterprise Market

As we all know, listed companies can widely absorb idle funds, and expand the business scale quickly, enhance their visibility and enhance competitiveness. Listing enterprises have great benefits in improving the wealth of shareholders and looking for strategic partners. As a result, many companies rush to market. However, there are still many enterprises subject to market conditions or policies, only through the indirect way (mostly shell listed) become a listed company, that is, first of all, to buy shares of listed companies to achieve a dominant position, and then become a listed company by asset replacement method.Listed as a listed shell approach curve is generated along with development of securities markets, is the inevitable product of the stock market. According to statistics, most of M & A and restructuring among enterprises in China are related to the back-door list. Meanwhile, adapt to the national conditions,our mergers and acquisitions and public shell has its own characteristics:on the one hand, because the securities market has not been long established, there are still many problems and omissions, and many related policy systems have not been established and laws and regulations are not perfect; on the other hand, the securities market in China has the unique ownership structure, where non-tradable State shares, legal person shares are the majority, which led to the current the main shell listed way is through an agreement to acquire not tradable State shares, legal person shares.In addition, the management, oversight of legal and institutional issues result in the shell of the motherboard market for the high cost of market presence, reasonable valuation, insider trading and other shortcomings often seriously hampered the development of publicly traded shell.Launch of the GEM in 2009 reduces the threshold of the listing, and makes the group which can not meet the companies listed on motherboard are able to achieve the purpose of listing and financing; the more important is the stock in the GEM market has a "shell nature", the launch of the GEM have provided a large number of shell resources" for the unlisted companies. At a certain extent, it can make up for the Main Board defects traded shell, and the shell has a certain role in promoting public. However, buying the shell in the GEM still has some shortcomings. Then which one is better while we compare the "Shell Resources" in Main Board and "shell company"in GEM? To be a company which wants to be listed, how should you choose? This is the focus of this study.To achieve this study, the author selects 62 examples from the occurrence of shell stock market listing of cases in the nearly 10 years, and research the shell listed on the cost-benefit issues.First, analysis of the factors that affect the back-door listed, such as national policy and stock market volatility, and the shell listed motives.Then, we choose the some important indicator of relationships which can be analyzed and quantified costs and benefits, such as the total share capital, net assets, net assets per share, the number of outstanding shares, the proportion of tradable shares, share transfer ratio, ownership concentration, etc..After further, the author analyze these indicators from the theoretical on the relationship with the backdoor listing, and make some corresponding assumptions. Then the author obtains the relevant conclusions by using statistical software SPSS17.0:In all of the indicators, only the net assets rate, the total share capital, a significant proportion of outstanding shares listed on the cost of linear effect on yield of shell, and the total share capital and listing costs shell yields are related to the proportion of outstanding shares and net assets yield rate and cost-benefit ratio of listed shell negative correlation.Finally, the author analyzes the relevant indicators of 89 companies listed on the GEM, and compare "Shell Resources" in the motherboard and the"Shell Resources" in the Growth Enterprise Market on this three indicators, and get the conclusion:The shell company in GEM, for the buy side, has more value. So in the future, it is possible to replace the shell company in the motherboard market in some extent. Suggestion for the buy side is that it is a relatively better choice to select shell company in GEM.