Research On Behavior Strategy And Consequences Of "Backdoor Listing-like" Behavior Of Chinese Listed Companies

Since the relaxation of China's M&a policy,backdoor listing,a special way of M&A,has been sought after by the market.The reason is that the IPO of our country adopts the approval system,and the strict audit has entered the normalization.Thus,enterprises have chosen backdoor listing to save time,human resources and other aspects of resource costs.At the same time,this kind of phenomenon also leads to capital market chaos,such as insider trading,speculation shell resources and so on.In order to maintain the stability of the capital market,China's regulatory standards for backdoor listing are becoming more and more strict,and the approval standards for backdoor listing and IPO gradually tend to be "the same".In order to save costs,enterprises have to evade the recognition standard of backdoor listing through various means and designs,which is called "backdoor listing-like behavior ".Through literature research,investigation,case analysis and other methods,this paper takes Nanyang Technology as the case study object,combined with the recognition criteria of backdoor listing in China,selects the backdoor like transactions of the company,analyzes the market and economic benefits of the event in depth,and tries to explain the motivation and economic consequences of backdoor like behaviors of listed companies,so as to carry out similar transactions for other listed companies Provide reference for investors.The first chapter mainly introduces the research background,research significance and research content;the second chapter mainly analyzes the theoretical basis,literature review and system background;the third chapter mainly analyzes the implementation strategy of listed companies' backdoor;the fourth chapter launches the case of Nan Yang Technology backdoor and analyzes its motivation from the perspective of all parties involved in the transaction;the fifth chapter mainly analyzes Nan Yang Technology lending The sixth chapter is the conclusion and enlightenment.This study found that Nan Yang technology mainly operated on five indicators from the perspective of transaction price,and completed this kind of backdoor transaction with the help of Tai Zhou financial investment.This transaction will help Nan Yang Technology enrich its product structure,expand its business scale,help the target company enter the market to further absorb social capital,and also help the development of local economy.From the perspective of economic consequences,the short-term market response is good,while the long-term market response is not well and although the financial performance is insufficient,the newly injected UAV assets have a promising future.According to the research results,this paper puts forward suggestions to the listed companies and regulatory authorities.This paper holds that the listed companies should pay close attention to the policy trend,design the trading scheme reasonably,and pay attention to the business operation after trading.In the aspect of government supervision,we should further improve the relevant systems of listing,follow-up supervision and delisting.On this basis,the improvement of both sides is conducive to improving the supervision system of backdoor listing in China,curbing the speculation of shell resources,and maintaining the stability of the capital market.