Case Study Of Jingfeng Pharmaceutical Company's Backdoor Listing

Backdoor listing is a way to get companies to go public quickly.Compared with IPO listing,its listing cost is lower and the time to market is faster.In the current capital market,backdoor listing has become a fast-growing and financing path favored by enterprises.At the same time,various problems have arisen,such as insider trading,manipulation of stock prices in the process of backdoors,and whether companies can improve their business capabilities after borrowing,can they develop faster and resources of both parties.The extent to which integration can be achieved is a major concern for market participants and regulators.Therefore,it is necessary to study the behavior of backdoor listing,and the research focus should be on the impact of backdoor listing on improving corporate performance and corporate development.The pharmaceutical industry is an important area related to national health and an important part of the national economy.The pharmaceutical industry needs the support of cutting-edge biotechnology and the investment of a large amount of research and development funds,so it has high risk and high return.At present,both the needs of social and economic development and the needs of national health have placed higher demands on the development of the pharmaceutical industry.With the implementation of the new medical reform,pharmaceutical companies should seize this opportunity to increase market share in a favorable policy environment and ensure the sustainable and healthy development of enterprises.Based on the research of domestic and foreign scholars on the time of backdoor listing,this paper chooses Jingfeng Pharmaceutical Company as the research object,and focuses on the analysis of the impact of backdoor listing events in 2014 on both sides of backdoor listing,and whether backdoor listing has had a positive effect.In the process of researching the backdoor listing of Jingfeng Pharmaceutical Company,this paper mainly uses the event research method and the financial index method to analyze the cost,route and performance of its financing from the occurrence process of its backdoor listing and its financial changes.The study focuses on the following aspects: First,it is the change of the stock returns and market reaction of the shell company before and after the announcement of the backdoor listing by Jingfeng Pharmaceutical Company;secondly,the financial data of Jingfeng Pharmaceutical Company is mainly selected by the financial index method.Based on the analysis of the financial changes before and after the backdoor,the company compares the company's debt repayment ability,profitability,operational ability and development and growth ability during this period,and on this basis,draws the financial performance of Jingfeng Pharmaceutical Company after the backdoor.And whether the long-term development is beneficial.Finally,through the analysis of Jingfeng Pharmaceutical Company's backdoor listing,it will give inspiration to other companies that plan to use the backdoor for listing financing.