Research On The Motivation And Performance Of The Case Of Meinian Health Backdoor List Jiangsu Sanyou

In September 2016,the CSRC issued the new regulation of the management measures for the reorganization of major assets of listed companies,which is known as the most serious new regulation in history.After the promulgation of the new regulations,it brings more difficulty tobe listed in the market,and the phenomenon of "invest shell" has been effectively restrained.However,compared with Initial Public Offerings which has a long period,backdoor listing still has positive significance for its short cycle,saving old stocks and giving full play of the function of resource allocation of the capital market.This paper selects the case of Meinian Health backdoor list Sanyou in Jiangsu.Firstly,using the literature research method to comb the previous scholars on the theory and case study of the backdoorlisted companies and find the relevant theoretical basis.Secondly,sorting out the industry background and listing processes of the backdoor listing companies,analyzes the reasons,mainly in promoting the consumers' demand,enhance the national policies' support,industries consolidation and the win-win situation of both sides of mergers and acquisitions.Thirdly,take the method of event study analyze the market performanceof the backdoor listing matters,calculated the excess returns and cumulative abnormal returns the enterprise has earned during the event period.At the same time,by using the comparative analysis method,selects sixteen financial indicators fromfour aspects to evaluate the financial performance of the enterprises,including debt paying ability,profitability,operation capacity and development ability,concludes that the backdoor listing bring positive impact for Meinian both in the market performance and financial performance.Finally,make conclusions of this paper and give out suggestions.Meinian Health company as the largest medical company,is the first domestic listed company in the physical examination industry.The reason to choose the backdoor listing is combined withits long-term acquisition strategy.It not only help to achieve the stock marketobjectives,but also promote the acquisition of its competitor.This case has its distinctiveness and representativeness,which has a certain reference to the later enterprises,but itshould not be blindly followed,instead,decisions should be made cautiously.