Research On Performance Of Backdoor Listing Companies Based On Institutional Investors

Capital markets in the 1980 s,the western developed countries in the role of institutional investors in corporate capital structure has been more and more attention,the government began to support the supervision role of institutional investors.Along with our country the status of institutional investors in the capital market,actively participating in corporate governance,the major decisions of the enterprise for effective supervision and restraint.At present a lot of private enterprises to listed backdoor listings used this approach to avoid the multifarious formalities for examination and approval,and accomplish the aim of the listed.As a supervisor,whether institutional investor actively participating in M&A decision or integration process,or the participation of institutional investors can affect enterprise performance.This article attempts from the Angle of the backdoor listing,through empirical analysis research institutional investors holding effects on backdoor listings enterprise performance.Through the study in this paper,the following conclusions,the big shareholder stake there is significant positive correlation with corporate performance.Big shareholders through the backdoor listing,got the support of local government directly,can direct financing in the securities market,get stock appreciation income,big shareholders is positively correlated with corporate performance.The second largest shareholder to the sum of the tenth largest shareholder stake there is significant positive correlation with corporate performance.Although the second largest shareholder to the tenth largest shareholders supervise large mergers&acquisitions,but after the backdoor listing,corporate image,rose,shareholder wealth increased,so the second largest shareholder to the tenth largest shareholders and large shareholders want backdoor listing is successful,they pursue interests,actively participating in corporate governance,to maximize their own interests.The independent directors proportion does not exist significant correlation with corporate performance.Independent directors voting rights can affect the bid or buy a shell company policy,but for a shell impact of acquisition performance of listed companies is not very big.Debt ratio and corporate performance is significantly negative(-).Debt is smaller,the more corporate profits.The social security fund and enterprise performance(ROA EPS)there were significant positive correlation.Securities,funds,trusts,Banks,insurance companies do not exist significant correlation with corporate performance.This may be of different types of institutional investors investment strength,investment strategy,caused by different holding time.The social security fund in order to reduce investment risk actively participating in corporate decision making,supervision and management,have a positive impact on enterprise performance.Funds,securities firms generally short-term investment,so they generally don't participate in business activities.Banks,insurance companies ownership is low,may shareholding motivation for speculative motive.This means that because of the different types of institutional investors holding,at different levels of risk,to the enterprise supervision strength is different,different types of institutional investors have different effects on business performance.To encourage in holding all kinds of institutional investors holding for a long time,which can supervise and urge all domestic investors must adhere to the principle of investment,realize effective allocation of resources,guarantee has the evolvability of enterprise can get financial support;Secondly to improve all co.,LTD.,enterprise can realize the value of the security companies operate efficiently;Finally holding for a long time to ensure the smooth development of the stock market,so as to help the domestic capital market effective operation.