Research On The Performance Of Internet Enterprises' Backdoor Listing

Under the background of the Internet economy era,the global Internet industry is developing rapidly,and different Internet technology application service categories such as e-commerce,big data,and artificial intelligence are derived,which means that the Internet economy is moving toward further prosperity.At the same time,in order to seek greater development space and keep up with the development trend of the Internet,Internet companies led by BATJ have chosen to use overseas listing as a channel for financing.In recent years,many Internet concept stocks have chosen to withdraw from overseas and seek to return to the domestic capital market due to the predicament of the company's market value being underestimated overseas and malicious attacks by short-selling institutions.At present,the most common listing methods in the capital market are IPO and backdoor restructuring.In view of the many shortcomings of IPO listing,most companies will choose a quick backdoor restructuring method,but the domestic capital market is more and more control over the backdoor listing.Strictly speaking,the number of successful backdoors of Internet companies is scarce.In this context,this paper selects the Internet industry giants that are successfully listed on the backdoor in February 2018 as the research object,and hopes to bring some enlightenment to other Internet companies interested in listing on the backdoor.This paper reviews the literature and theoretical basis of the backdoor listing at home and abroad,and analyzes the current status of the backdoor listing of the Internet industry,and finds that it is difficult to borrow.On this basis,the case study of this paper was carried out with the research of the three or six zeros.In the overview of the backdoor listing transaction,the related parties of the listing of the 3,6,and the backdoor listing were introduced,and the selection and restructuring of the shell company was carried out.The pattern design was analyzed briefly.In the analysis of the motivation of the backdoor listing,this paper believes that the three or six zeros are mainly driven by the four factors: A stock market performance is good,IPO takes a long time,debt pressure after privatization is large,and domestic policy environment is favorable.A special way to enter the capital market.In the performance research part,this paper selects four research perspectives of short-term market performance,long-term market performance,financial performance and negative effects.After analysis,it is found that the market has a positive attitude towards the listing of the three-six-door backdoor listing.Both performance and operating profit have increased significantly.However,while the backdoor listing has brought good effects,it has also caused many problems caused by improper operation and force majeure factors.Based on the performance study of the listing of the three-six backdoors,this paper proposes four aspects for other Internet companies planning to list in China's capital market.They are to optimize the main business structure,scientific design backdoor mode,rational allocation of enterprise resources,and attention to post-integration work.