The Investment Value Anaalysis Of Chinese Backdoor Listing Compang

Domestic and foreign scholars concern much about the research of investment value ofListed Companies, and they have achieved fruitful research results, while few scholars doresearch amony Listed Companies on capital market. And most results focuse on theperspective of both sides backdoor motivation, restructuring and other performance, as well asthe shell resource assessment. There is little research about the investment value ofBackdoor Listing Company from investor’s aspect. At the same time, once the backdoorrumors appear in China’s capital market, many "shell" company’s share price will fluctuatewildly in the secondary capital market as follows. Investors care more about these companieswith speculation hype and little attention to its intrinsic investment value. In recentyears,China’s Securities Regulatory Commission has developed a lot of Backdoor Listingrules and regulations in order to regulate the capital market, such as the Backdoor Listingrequirements equivalent to the initial public offering, the GEM does not allow BackdoorListing, enriching backdoor payment methods. By doing these., on the one hand Commissionexcluses on speculation in stocks underperformance backdoor in order to purify the capitalmarkets, on the other hand encourages respected Backdoor Listing of blue chip stocks, intoday’s era, value investment has been accept by investors.How is the investment value of thecompany after the backdoor listing? To research the Backdoor Listing Company’s investmentvalue is very necessary and urgent.To answer these questions above, the article stands on the investor’s perspective,choosing the information of the Backdoor Listing Company and the corresponding pair ofIPO companies from2007to2010as the research subject, and five years after the listing ofits data (if any) as the study period, in order to evaluate and analysis the investment value ofBackdoor Listing Companies. The article first introduces the basic investment philosophytheorists, and then choose the profitability, solvency, operation and development capacity ofthe four internal capacity building.Secondly, select up three industry-manufacturing, realestate, whose number are listed in the front of the rank.The three major sectors of the financialindustry sample specific analysis will reflect the intrinsic value of the factor integrated withrepresentative aliquot of the market value; value assessment system PB were ranked in orderto assess the investment value of these three industries Backdoor Listing Companies.The results showed that: Overall, investment value exsits in Backdoor Listing Companies, and the investment value is different among industries. Specifically, themanufacturing companies are generally more than backdoor IPO companies likely to beundervalued by the market, with are worthing investing; Real estate companies and backdoorIPO companies compared valuations are reasonable; The investment value of the company’sfinancial industry is not better than IPO companies. Finally, the three sectors were selectedcompany representative basic level of analysis, found that the three selected Backdoor ListedCompanies with investment value, which has confirmed the rationality and feasibility of thearticle research methods.