Research On The Way Of Listing Of Vocational Education Enterprises

Education is a basic people's livelihood industry.Its rigid demand makes the Chinese market huge in capacity.As one of its sub-sectors,the vocational education industry has steadily increased its market size in recent years and has a good development prospect.Since the 18 th CPC National Congress,the Party Central Committee has placed vocational education in an unprecedentedly prominent position.Premier Li Keqiang has made important instructions on deepening vocational education reform.The "Vocational Education 20" clearly states that vocational education and general education are equally important.At the same time,the implementation of the new People's Promotion Law has eliminated the obstacles to the securitization of education assets.As the market competition becomes increasingly fierce,vocational education and training enterprises are eager to seek listing.Whether there is a difference in operating performance between the IPO and the backdoor listing after listing,and how to choose it.Many foreign scholars have empirical research,but domestic research is relatively small.In view of this situation,in the context of the development of vocational education and training,this article selects Eastern Pioneer and Offcn Education as cases,and analyzes the influencing factors of choosing two listing approaches from the financial and non-financial aspects and the two differences in the A-share market.The effect brought by the listing approach,and summarizes the research implications of the listing of vocational education and training enterprises in China.This article consists of six parts.The first part introduces the research background,research significance,literature review,and research content and methods.The second part is to introduce the connotation and characteristics of IPO and backdoor listing and related theoretical basis.The third part is an explanation of the current state of the industry's development and policy background,and an introduction to the case's listing process.The fourth part analyzes the influencing factors of Offcn Education's backdoor listing and Eastern Pioneer's IPO listing choice.The fifth part uses the accounting index method,EVA analysis method and event time method to analyze the performance of the two listing approaches.The sixth part is the conclusion and inspiration.This article through research and analysis draws the following conclusions: From the perspective of influencing factors analysis,the reason why Offcn Education choseto go backdoor for listing is mainly due to the need to increase competitiveness to occupy market share under the pressure of industry competition,and M & A in the second half of 2018 Policies tend to be loose and IPO waits are long.In addition to the market competition and the need for business expansion in other places,Eastern Pioneer IPO has better direct listing costs and financing effects.From the comparison of the listing effect,the short-term financial performance of the IPO is not as good as the backdoor listing.During the one-year window period,the cumulative excess return rate and the cumulative excess return rate during the holding period are both negative.And the stability of yield volatility is better than the backdoor listing.This article hopes to analyze the influencing factors and performances of IPO and backdoor listing of Offcn Education and Eastern Pioneer,to provide other companies in the vocational education industry with a certain reference significance in the development of seeking listing,and to choose a listing method suitable for their own conditions.