The Study About The Motivation And Performance Of Enterprises' Back-door Listing During The Financial Crisis

Backdoor listing as a special way of corporate mergers and acquisitions, has become a common concern of many disciplines in the field of global hot issues. In recent years, the strong impact of financial crisis, domestic and the global stock market value has shrunk sharply, and capital market bubble by the degree of compression, making the target company to become relatively"cheap",which provides a backdoor listing for the business opportunity. Meanwhile, the frequent phenomenon of backdoor listing not only provides its comprehensive, in-depth research needs, research also provides a wealth of material.This article is in a state of economic development is very large background, stand the perspective of the enterprises themselves, for business backdoor listing of the motivation and performance.This paper introduces the basic theory of acquisition and reverse merger, based on review of domestic and foreign scholars on the backdoor listing of motivation and performance of existing research. Then the financial crisis for backdoor listing of Chinese enterprises under the current situation, motivation for the descriptive statistics and research. And for the financial crisis (2007 and 2008) 42 samples of a typical backdoor listing companies using data envelopment analysis and event study were to conduct a detailed analysis of its performance.On motivation, business financing needs are frequent in China's securities market in the phenomenon of backdoor listing the most essential,most fundamental,is the core motivation. On performance, the sample after the reverse merger the company than the overall performance of the overall performance before the reverse merger has increased. Therefore, the financial crisis, the activities of Enterprise backdoor listing is valid in general.However, before and after the reverse merger in 2008 of performance improvement is not as obvious in 2007. Meanwhile, the market for corporate backdoor listing public notices have responded very quickly and strongly, and the reaction time is very short, backdoor listing information had a positive effect on the market.