Research On The Motivation,Effect And Enlightenment Of HEILAN HOME's Back Door Listing

With the continuous development of China's industrial restructuring, Enterprises must continue to improve their own market competitiveness. Entering capital market is an effective way to improve the market competitiveness of enterprises. But China's capital market is still in the early stages of development, the market capacity is relatively small. Therefore, China's securities regulatory authorities adopted a strict audit system to limit the listing requirements of enterprises. Compared with the direct listing, backdoor listing as a special way to market around the strict supervision of the regulatory authorities, as enterprises enter the securities market, a "shortcut."Coupled with since 2012, China has opened the seventh IPO suspension, so in this context to study the enterprise backdoor listing behavior, combined with specific cases for analysis of China's enterprises to enhance self-improvement is of great significance.In recent years, China's garment industry has entered a new transition period,garment enterprises urgently need to improve their market competitiveness. HEILAN HOME as a typical garment industry enterprises in 2013, choose to backdoor listing of the successful entry into the capital market, and become the largest A-share garment enterprises. Therefore, this paper chooses the listing of HEILAN HOME as a case,and analyzes the motivations and effects of its Back Door Listing, which can play a revelation to the strategic transformation and development of other enterprises.In this paper, the combination of theory and case method is used to summarize the literatures of related research at home and abroad. At the same time,the article provides a theoretical basis for the behavior of back door listing from the theory of efficiency, synergistic effect theory and information signal theory. And then describes the situation of both sides of the case, and according to their Back Door Listing of the motivation were analyzed. The main reasons include whether choose the IPO, broaden the financing channels, improve the visibility and other aspects.Finally, the financial effect analysis is analyzed from three aspects: the first is the long-term financial effect, this paper uses the accounting index method from the four aspects of profitability, development ability, operation ability and solvency This paper analyzes the long-term financial effects of the HEILAN HOME's backdoor listing,and analyzes the impact of the backdoor listing on the long-term financial effect of the HEILAN HOME from the vertical development and the horizontal industry. The Second, in the short-term market effect, we from the HEILAN HOME's valuation evaluation began, analysis of its backdoor listing valuation, the transaction value of both parties to the transaction, whether the transaction to ensure the short-term interests of shareholders, as well as short-term stock market Value change. Thirdly, analyzes the influence of the back door listing on the development strategy, and expounds the relationship between the control relationship of the stock right, the elimination of the industry competition, the corporate governance structure and the scale effect. Through the analysis of the effect, the final completion of its backdoor listing in-depth analysis.In this paper, the main enlightenment of this paper is to summarize the aspects of the choice of listing mode, the choice of backdoor listing mode, the choice of shell resources, the scale effect of the integration of resources and the reasonable effect of the backdoor listing.And also provide recommendations.to Relevant departments to improve market management.