Research On The Motivation And Performance Of Qihu 360 Backdoor Listing

In the past,the financing problem has always been an insurmountable peak for private science and technology enterprises,which has led to a large number of enterprises going overseas to list and becoming China's stock companies.At present,the return of China's stock outlook has become a common phenomenon in the capital market.Since 2015,the return of China's stock outlook enterprises to A shares through backdoor listing has shown a blowout trend.Over the past few years,backdoor listings have returned to the giant network,the perfect world,Focus Media,Storm Technology and so on.Qihu 360's successful backdoor listing has once again set off the upsurge of the return of China's stock market,Qihu 360 has become the largest share of the Internet industry in China.So what is the motivation of Qihu 360 backdoor listing? What is the change of performance before and after backdoor?What can we learn from this? This is the theme of this paper.This paper hopes to use the event study method,financial index method,comparative analysis method,empirical and qualitative research,from a variety of perspectives,all-sided,systematic analysis of its backdoor listing motivation and performance,to provide suggestions and reference for China's Internet enterprises backdoor listing.The results show that the motivation of Qihu 360 backdoor listing lies in: on the one hand,as far as the enterprise itself is concerned,the cost of IPO is high,the risk is high,the debt burden is heavy,and the external environment is fierce competition;on the other hand,as far as the shell company is concerned,it experiences the dilemma of declining operating performance and financial distress,and hopes to gain the value-added income of assets.By analyzing the performance of Qihu 360 backdoor listing,it is found that backdoor listing can improve the short-term performance of Qihu 360,but can not bring long-term performance.From this we can draw the following enlightenments: firstly,the choice of shell is very important,only by choosing the right shell,can the wealth effect of enterprises be brought into full play and the value of enterprises be fully displayed;secondly,we should carefully sign betting agreements,before signing agreements,we should consider the current situation of enterprises,whether we can achieve performance commitments,whetherwe can improve business performance,whether we can curb the development of enterprises.If there is no clear planning direction and strong core competitiveness,blindly signing contracts can only obtain short-term financing effect,but can not achieve long-term business performance,which may pose a threat to enterprises.Thirdly,we should actively adjust the post-listing business strategy,improve long-term performance,and invest funds in product research and development that consumers need is the wise choice for enterprises to achieve performance.Activate,otherwise short-term performance will be difficult to support the improvement of long-term performance.