Research On The Motivation And Performance Of Ciwen Media's Backdoor Listing

With the continuous improvement and development of the current capital market,more and more companies hope to enter the capital market in order to better expand financing channels and improve their financing capabilities.However,due to various conditions,the company's listing generally only has two main ways: direct IPO listing or indirect backdoor listing.Enterprises with strong financial capital strength generally apply to IPO listing,while backdoor listing has the advantages of lower listing threshold and shorter financing period,and is more suitable for enterprises with relatively weak financial capital.With the increase in the number of “shell” resources in the capital market,the number of companies that choose the backdoor listing model has gradually increased.This model not only greatly shortens the time-to-market of the company,but also gains a platform for listing financing,and will fundamentally improve the company's core competition.force.In recent years,the spiritual consumption of Chinese residents has been continuously upgraded,and the demand for entertainment has been rising.The state has also given more and more policy support to cultural media companies.However,due to the particularity of the light asset industry in the media industry,the number of IPO thresholds is very small.In 2014,only one company of Tangde Film and Television was approved by IPO,so the backdoor listing became the new key to open the capital market.According to incomplete statistics,from 2000 to 2016,31 media companies sought listing on the backdoor,and 22 of them succeeded by shell.The improvement of economic development level,the prosperity of cultural industry and the promulgation of favorable policies of cultural industry provide a realistic basis for the study of backdoor listing.At present,there are not many researches on the backdoor listing of film and television media companies.Therefore,this article will use the case of Ciwen Media to be listed as a case.Under the premise of reading a large amount of literature,the combination of theory and case will be the motivation for listing on the backdoor.And research on its performance before and after listing.At the beginning of this article,we first introduce the background and significance of the topic,and outline the ideas and methods of this article.Later,in the literature review section,the related researches of scholars at home and abroad in the field of backdoor listing were introduced,and some basic concepts were laid.After introducing the basic situation of both parties to the backdoor listing,the main scheme of backdoor listing was introduced,and then the motivation of the backdoor listing was deeply explored from the perspective of Ciwen Media.In the analysis of the performance of Ciwen Media's backdoor listing,it analyzes from financial performance and non-financial performance.In terms of financial performance,the data of the financial statements for the five years before and after the backdoor from 2013 to 2017 were selected as a sample.First,a general analysis of the overall financial data was made.Secondly,based on the synergistic effect theory,the financial indicators were used to reflect the backdoor listing in its finance.,management and management of the three aspects of the impact.In addition to the first time,the EVA indicator was selected to supplement the financial performance,and the event research method was used to explain the financial performance of the company from the perspective of market reaction.When studying non-financial performance,it mainly analyzes the financing structure,governance structure,shareholding structure and performance commitment from the perspective of the company's development strategy.Finally,the conclusion of this paper is that the development of the industry and the support of national policies are very important for the backdoor listing.Choosing high-quality shell resources and proper backdoor opportunities is an indispensable condition for backdoor listing.The backdoor listing has broadened the scope of Ciwen Media.The financing channel enhances the value of the enterprise and enhances the profitability and development capability of the enterprise.At the same time,Ciwen Media's backdoor listing also gives some enlightenment to other media companies that want to choose a backdoor listing.Enterprises need to strengthen their own construction while making rational use of policy advantages,refer to and learn from excellent experience,and take the listing that suits them.the road.