Analysis Of The Motivation And Effectiveness Of Backdoor Listing

In the booming development of the Internet and the wave of the online game industry,online game companies are eager to go public and get more funds.The two main ways of listing are IPO and backdoor listing.The latter has the characteristics of low threshold,short cycle,less procedures and low cost compared with the former.Therefore,backdoor listing has become an effective channel for enterprises to expand their financing platforms and obtain listing qualifications.It is also an important way for listed companies to achieve breakthrough development and to allow shell companies to avoid the risk of suspension.This paper selects the case of Internet game companies to borrow traditional manufacturing.The "marriage" between emerging industries and traditional industries has the typical significance of discussion,and also expands the research and material reference of backdoor listing.This paper uses a variety of analysis methods and means to conduct a comprehensive analysis of the case to explore the real motivation behind the occurrence of the backdoor listing case and the effectiveness analysis before and after the listing.The article is divided into five parts: the first section describes the background meaning of the topic selection,domestic and foreign literature review,research ideas,innovations and deficiencies;the second section describes the related concepts and theories of backdoor listing;The basic situation of the two parties,the background of the transaction and the way of payment of assets are introduced in turn.In the fourth section,the motivation of the case backdoor listing is analyzed,and various methods are used to analyze and evaluate the short-term market effect,long-term financial performance before and after the backdoor listing,and company value.The performance of the network before and after the listing of the backdoor;the fifth section,research conclusions and implications.Through the research on the motivation of the listing of the backdoor,one found that Kaiying Network wants to avoid the IPO to achieve successful listing,promote diversified business development through listing,broaden financing channels,enhance industry competitiveness,and improve corporate governance structure.Both,Taiya shares have excellent "shell resources" conditions-the company's network business direction is good,business is good,Taiya shares no huge debts without litigation,"shell" clean.Through the analysis of the results before and after the listing of the backdoor,it is found that the market is positive for the backdoor listing,and the backdoor listing has brought positive and substantial benefits to the company.Some empirical inspirations are obtained: the backdoor listing is beneficial to the improvement of enterprise performance;the backdoor listing helps enterprises to achieve business adjustment and strategic transformation;The backdoor listing requires objective decision-making and correct motivation;the backdoor listing should reasonably choose shell resources and backdoor operation mode.