A Study On The Characteristics Of Target Companies And Market Reactions In Backdoor Listing

Under normal circumstances,There are two main financing channels: direct financing and indirect financing.Direct financing to obtain funds usually refers to the listing,There are two ways to market: one is a direct listing,the other is the study of this backdoor listing.For the emerging Chinese capital market,the domestic enterprises have a great demand for listed,but to achieve the overall IPO listing requirements is difficult.With the international capital market increasingly obvious financing securitization trend and the trend of China's economic adjustment,Domestic and foreign backdoor listing has become an effective way for Chinese enterprises to use the shell capital to achieve listing.From China suspended the IPO in the financial crisis in 2008,backdoor listing as a means of listing,it is more and more favored by the listed companies.At present,experts and scholars takes a lot of research on the Enterprise backdoor listing,The state has also introduced the relevant provisions,so strengthen the backdoor listing of enterprises Research has some practical significance.In this paper,the Giant Network backdoor Chongqing New Century Cruise Co.,Ltd as an example,Research on the Characteristics and Market Response of Backdoor Listed Company from the Perspective of Backdoor.This paper first introduces the background and value of the backdoor listing,and reviews the relevant literature.Secondly,it introduces the basic situation of the Giant Bank backdoor Chongqing New Century Cruise Co.,Ltd.Then,from the shell company's capital stock size,ownership concentration,financial characteristics,industry factors,connection relation To study the characteristics of the shell company,what kind of company will become a backdoor listing of the subject company,While studying the reaction of the shell company stock in the backdoor listing process;finally come to the conclusion,make recommendations.