A Study On Financial Performance Of Focus Media's Backdoor Listing

In recent years,Chinese stocks listed overseas have returned to the A-share market.There are two main ways to return: IPO listing and backdoor listing.From the actual operation,only Baofeng Technology has chosen IPO return,and the other companies have chosen the backdoor listing.It can be seen that the backdoor listing has become a major way to return of Chinese concept stocks companies.As the the typical of Chinese concept stocks return to A-share market,Focus Media has been backdoor listing in 2015.The study of its entire backdoor listing process can provide the actual operation reference of choosing the way to return for Chinese concept stocks companies,at the same time it can enrich the theory of Chinese concept stocks return.In the study,this article first defines the theory and related concepts about backdoor listing.And then,on the basis of the previous research on the backdoor listing,this paper analyzes the process of backdoor listing of Focus Media,and evaluates its performance.Performance evaluation is mainly divided into short-term performance evaluation and long-term performance evaluation.In the Short-term performance evaluation,the paper evaluate the impact of stock prices on Focus Media's backdoor listing using Event Research.The long-term performance evaluation is carried out through the Accounting Index Analysis method,and the AHP Analytic Hierarchy Process is introduced to systematize the decentralized evaluation index,and then the paper obtain the comprehensive score of the financial performance before and after the company's backdoor listing.Finally,on the basis of the study gives the corresponding recommendations to Chinese concept stocks company.The conclusions of this paper show that the Focus Media in the backdoor listing process has done a lot of prepare work,including the Privatization delisting,removal of the VIE structure,the company's equity structure adjustment and the plan B of the shell company.The results also shows that the short-term performance of the backdoor listing shows a significant improvement,which brings the wealth effect to both sides of the transaction.In the long run,its performance score continued to grow after backdoor listing,its business performance has obvious positive changes.