Analysis Of The Financial Effect Of Hangzhou Daily Newspaper Group's Backdoor Listing

At present,China is vigorously promoting the combination of the capital market and the cultural market in two major fields,supporting the continuous development and expansion of the cultural industry and making full use of the favorable conditions of the capital market.There are two main ways to market the company,namely,the initial public offering(IPO)and backdoor listing.However,at present,the commission on the IPO requirements more stringent,more complicated review,coupled with the publication of the media industry is faced with the special nature of the market,these obstacles make the press and other publishing media companies have to seek other listing path.Backdoor listing has become part of the publishing media companies listed preferred.Backdoor listing arising in the securities market,the existence of backdoor listing makes the enterprise beyond the first listing of the obstacles,for some high-quality enterprises also provide a convenient and effective way of financing.According to relevant statistics,at China's A-share market in 2006,21 news published listed companies,about 60% through the backdoor to achieve the listing.It can be seen that the backdoor listing is a major way for publishing media enterprises to enter the capital market.The first part is the background and significance of the paper,summarizes the different scholars on backdoor listing model,the motivation and related research conclusions backdoor listing financial effect,the formation of research ideas and research methods,and constructs the article research framework.The second part describes the definition of backdoor listing and backdoor listing of the three models,including the first acquisition of equity and then the replacement of assets model,the common merger and merger model and another special backdoor listing model.Backdoor listing will also include the four steps: per-preparation stage,backdoor stage,reverse acquisition and business integration,to solve the follow-up legacy issues.Then,defined financial effect about backdoor listing,and from the financial performance,market reaction and shareholder wealth to look at the performance of corporate backdoor financial performance.Secondly,it summarizes the main motivations for the listing of enterprises,including obtain a sustainable financing platform,to avoid starting the listing threshold,improve the company's reputation,combined with relevant favorable policies,which for the analysis of Hangzhou Daily Newspaper Group backdoor listing also provides a corresponding basis.Finally,Listing is an important financing channel,researched by many scholars at home and abroad,formed many important conclusions.The paper selected some representative theory of synergistic effect theory,efficiency theory and rent-seeking theory,for the subsequent chapters of the case analysis provides theoretical support.The third part describes the Hangzhou Daily Group backdoor listing cases,introduces the general situation of both parties before the backdoor listing.And analysis of the Hang newspaper group backdoor listing motivation.First is to avoid the barriers of IPO;the second is to the integration of high-quality resources within the group to achieve synergies;third is to increase business financing channels;four is to use the government's strong support for the cultural industry policy.Finally,introduces Hangzhou newspaper group backdoor listing process.The backdoor listing is mainly used in the sale of major assets and the issue of shares to buy assets at the same time the way.The fourth part analyzes the financial effect of Hangzhou Daily Newspaper Group.Above all,analyzes the impact of relevant financial indicators on the business performance of enterprises.In this paper,we will compare the performance before and after the backdoor listing,while backdoor listing of the situation with the industry average,the results show that the backdoor listing in the short term does improve the Hang Group,its affiliated companies Huamei holdings profitability,but the long term financial indicators tend to be stable even the analysis of the backcourt before and after the listing of stock prices have risen rapidly,market reaction is obvious in short time.The last one,through the backdoor listing of companies after the index analysis,the results show that enterprises through the integration of assets into a substantial valuation,the two sides have increased the wealth of shareholders.The fifth part summarizes the case study of the backdoor listing of Hangzhou Daily Newspaper Group.This paper summarizes the relevant experiences from the case of Hangzhou Daily Newspaper Group and concludes the inspiration of the publishing media enterprises to be listed in China.Hangzhou Daily Newspaper Group completed the backdoor listing,the business performance has improved,the wealth effect of shareholders,then increase overall competitiveness.It can be seen,for the publishing media companies,in the insurmountable starting threshold,the backdoor listing is a path.Enterprises want to backdoor listing success,choose the right shell,backdoor model and national policy support are all worthy of attention.