Research On China’s Listed Corporation Backdoor Listing Effect On Enterprise Value

In the dynamic of the market, facing the enormous pressure of competition the company urgently to implement listed seek various ways, after appearing on the market can expand the size of the company, increase the company’s financing, improve the company’s competitive ability. In practice, many companies choose to IPO, M&a reverse mode is less time-consuming, cost less, as one of the backdoor listing and reorganization of the initial acquired in1934American, while in our country is appeared in1984Hong Kong stock market. Backdoor listing is a non-listed company through backdoor listing approach to the control of a listed Corporation (the shell company), and injected into its own high-quality assets, achieve the purpose of indirect listed. Counter purchase to expand the financing channels and optimizing the market allocation of resources has a positive effect, but the problem that must think is reversed after the purchase, the enterprise really do strong, do big? Enterprise value is substantially improved? From the research literatures of many scholars at home and abroad, although there are a variety of research on the performance of enterprise merger, but is a rare backdoor listing of empirical research on the enterprise value.This paper first introduces the related theory of backdoor listings, two ways of listing compared (IPO and backdoor listing) difference, then elaborated the domestic and foreign related research results, and then use the event study method to analyze the2008to2012five years between the backdoor listing value of short-term impact on the enterprise value, the final analysis of the backdoor listing impact on enterprise value in the long-term use of the factor analysis method. The backdoor listing can enhance the corporate value; the enterprise should be a reasonable choice of listed company according to their own situation to, in order to achieve the maximization of corporate value.