The Research On The Motivation And Performance Backdoor Listing Of Chengshi Media

As the most promising industry in the 21 st century,the cultural industry has also become a powerful booster for China's economic growth.Since the 18 th National Congress,the state has also promulgated a series of policies to support the development of the cultural industry,encourage and guide cultural enterprises to capital market financing,promote the docking of financial capital,social capital and cultural resources and promote the mature culture enterprises financing.With the establishment of China's multi-level capital market and the continuous development of the stock market,listing has become a direct financing channel for many enterprises.One way to go public is the initial public offering(IPO),the other is the backdoor listing.Backdoor listing is a form of assets reorganization.From 21 st century,media industry grows up under the pressure of new media and international media groups.Historical experience shows that the mechanism for enterprises to achieve reform,strategic transformation,and development need capital,so some publication media companies are looking to capital markets.The paper chose City Media as case study.And analysis the reasons for the listing of enterprises backdoor and post-mortem performance by the combination of theoretical analysis and typical case.By reading a large number of literatures,this paper introduced the meaning and mode of backdoor listing,the motivation and related theoretical basis of backdoor listing,combined with the relevant financial indicators to analyze the city media backdoor listing performance.Finally,based on a series of relevant analysis,draw useful conclusions and enlightenment.Since 1993,China had the first case of backdoor listing-Shenzhen Bao An M & A Yan Zhong,the phenomenon of backdoor listing has occurred frequently,more and more non-listed companies hope to backdoor listing to achieve the purpose of direct financing in the security market.Many outstanding non-listed companies can list on the market by this way and significantly shorten the time to market,broaden the financing channels to promote the company's sustainable development.IPO is more usually suitable for strong financial strength enterprise,and backdoor listing can reduce the threshold of listing,shorten the financing time.From the current level of China's capital market point of view,due to market restructuring and economic policy,some of the real economy financing in the securities market is not smooth.And in the capital market,there will be more and more companies achieve backdoor listing.For a long time,China's publishing and media enterprises mainly rely on financial appropriation and lack of competition.After publishing backdoor listing,publishing media enterprises can expand financing channels and get direct financing in the stock market.At the same time,the reputation of the enterprises will be improved after the listing,thus producing the brand effect,which is beneficial to the enterprise to expand the market share.The choice of backdoor listing can also shorten the time of queuing of enterprises,and the threshold of listing is lower than IPO listing.By the end of 2017,70% of the 17 A share publishing and media enterprises were listed by shell.Therefore,backdoor listing has become a main way for publishing media companies to intervene in capital market.In the beginning,this paper introduced the background and significance of choosing backdoor listing as the research direction and expounds the ideas and methods of this paper.In the part of the theory,the paper put forward the concept of shell company and backdoor listing.Then summarized the three ways of backdoor listing: Equity transfer method,issue new shares method,indirect acquisition method.Then use the theory of synergistic effect,the theory of economic scale and the theory of competitive advantage as the theoretical basis for the analysis of cases.In the case part,the paper introduced the basic situation of City Media and Qingdao Soda Ash and analyzed the reasons for choosing Qingdao Soda Ash and the motivation of City Media backdoor listing.It includes: improve brand value and gain publicity effect,widening the financing channels and direct financing from the stock market,gain the synergistic effect and integration of dominant media resources and promote strategic transformation.Finally,the peper introduced the City Media backdoor listing program implementation process.When analyze the performance of City Media backdoor listing in this paper,it selected the financial data from 2014 to 2016,which is the financial data of the three years before and after the backpacking of City Media.Financial indicators specifically analyzed its solvency,profitability and operational capacity.At the same time,it also analyzed the impact of backdoor listing on capital structure from the perspective of capital scale,financing channels and shareholder control,analyzed the impact of backdoor listing on market reaction from the perspective of changes in stock prices before and after the reorganization,immediate return of shareholders,and long-term equity value.In addition,it also analyzed the three main reasons for the performance of backdoor listing,includes: attracting talent and enhancing brand effect,capital platform to help transform and develop,improve the management level and realize the economies of scale.The final conclusion in this paper is: the successful listing of City Media cannot be separated from the support of national cultural support policies,choose the right size and nature of the shell resources is very important,backdoor listing is beneficial to the improvement of asset quality,enterprises should do a good job in internal restructuring and strive for the initiative of listing.