Research On Performance Of Backdoor Listing Of Media Enterprises

In the capital market of our country,enterprises generally through two channels to get stock qualification: IPO(Initial Public Offerings,referred to as IPO)and the backdoor listing,the vast majority of listed companies are the qualifications listed by IPO,small number of listed companies backdoor listing.However,if a listed company wants to go through IPO,it needs to meet a series of stringent conditions,including the company's operating performance,the ability to continue operating and management system,etc..With the continuous development of our economy and the adjustment of industrial structure,some listed companies operating performance began to decline,loss,or even no longer meet the listing conditions,at the same time,some excellent SMEs although with its advanced technology and management level,but due to geographical,industry characteristics and other reasons temporarily unable to obtain IPO listing qualifications.In order to obtain a shares listed qualification,there are many enterprises have chosen backdoor listing this approach.Some overseas listed companies,due to the lower valuation of overseas markets,in recent years have also chosen to return to the private equity market.At the beginning of October 2015,the giant network backdoor century Cruise(002558)successfully listed shares backdoor listing,becoming the first return.In November,a shares in the first media said the Focus Media shares backdoor HEDY holding(002027)successfully approved.Before the backdoor listing of Focus Media,there have been many cases of backdoor listing in the advertising media industry.Focus Media as a benchmarking enterprise in domestic advertising media industry,through the backdoor landing HEDY holding China's capital market is a classic case of advertising and media industry.Especially in recent years,China's advertising media industry two further differentiation serious,traditional media advertising continues to decline,the traditional advertising media companies have started the transition,and the digital media and other new media business growth continued to led the media advertising market,digital media industry demand for funds is imminent.As the advertising media industry leader,Focus Media undoubtedly successful backdoor listing for its future development to provide strong financial support,but also provides a classic textbook for advertising media enterprises in the future through the backdoor listing of the landing of the capital market.Based on the statistics of recent years advertising media industry backdoor listing case,analyzes the characteristics of the backdoor listing of the advertising and media industries,and then to the Focus Media as the main case,summarizes the main motivation of Focus Media on the backdoor,as well as its short-term and long-term loans increased motivation.Through the study found: from the motivation,one is due to the domestic capital market valuation is relatively high in overseas markets,plus the IPO queue time higher,a backdoor listing can also broaden the financing channels,integrate the advantages of resources,increase brand effect.From the performance point of view,the event analysis method based on analysis of the short-term performance of backdoor listing Focus Media,found that Focus Media to get a stable excess return in the backdoor incident,short-term performance is obvious;in addition,based on the analysis of financial indicators,analysis of the financial performance of Focus Media,after a backdoor listing on the study found that,after the Focus Media profitability,solvency,operation ability and growth ability has obvious progress,long-term financial performance is more obvious.