A Study On The Backdoor Listing Impact Of Financial Performance In Greenland Group

With the gradual improvement of China's market economy,the economic growth of stateowned enterprises is slowdown,the Government put forward the economic situation of mixed ownership,for state-owned enterprises choose transformation to provide development path adapt to the changes in market.State-owned enterprises expect through the listing to improve the efficiency of enterprises,expand the financing channels and enhance the market share of enterprises.China's strict review system of IPO obstructed many waited listing of high-quality enterprises,enterprises in order to obtain financing as soon as possible,will choose the way of backdoor listing because of more simple auditing system,low cost,and short time to list.This paper takes the case of the successful listing under the guidance of SASAC from Greenland Group for example,analysis of the specific listing process,studies the impact of backdoor listing on the financial performance.It hopes to provide enlightenment and suggestions to other enterprises to choose the listed route,make reference significance for state-owned enterprises to participate in the mixed ownership reform.Greenland Group is ranked fifth in Chinese real estate industry as a large state-owned enterprises,backdoor listing Jinfeng Investment was the largest backdoor case in the history of China's A share market,the case has a certain representative for the development of M & A market and state-owned enterprises involved in mixed ownership reform.This paper first elaborates the background and significance of the research,through the literature review summarizes the research results of the backdoor listing motivation and performance from scholars over these years,and defines the concepts and patterns of the backdoor listing,summarizes the relevant theoretical basis.Secondly,it introduces the development of Greenland Group,analyzes the external factors and internal causes for enterprises' selection of backdoor listing,explain the listing program operation mode and specific operation.Then,it analyzes the financial performance of the backdoor listing of the Greenland Group,compares the financial changes before and after the listing,compares the industry average to explain the environmental impact from real estate industry analyzes the effect of the enterprise performance,and accounts for the impact of the backdoor listing on the financial performance.Finally,summarize the successful experience of the enterprise in this case,and put forward some thoughts and suggestions on the risks that may arise from listing,illustrates the importance of state-owned enterprises to participate in ownership reform.Through the study,it showed that after Greenland Group backdoor listing in the A share market,the corporate profitability has improved in short-term,but the overall financial performance is not obvious.After the backdoor listing,the enterprise optimizes the distribution of equity,completes the corporate governance structure,improves the efficiency of operation and broadens the financing channels,has a more significant acceleration on future financial performance,will further enhances the growth ability for enterprise.This paper summarizes the success of the Greenland Group backdoor listing,puts forward some thoughts and suggestions on the risks that may be encountered in the process of backdoor listing,provides the experience reference for the waiting listed enterprises,has a great significance for the current state-owned enterprises to participate in the mixed ownership reform.