Case Study Of Globalegrow E-commerce Backdoor Listing Pattern Selection

Backdoor listing is a way for non-listed companies to achieve the purpose of listing,and it is an effective supplement to initial public offering(IPO).Especially in recent years,more and more enterprises have entered the capital market by backdoor listing.Backdoor listing has attracted wide attention in the practical circles.In 2014 Globalegrow E-Commerce chose Baiyuan Pants Industry as the backdoor object,and successfully achieved backdoor listing,becoming the first cross-border e-commerce enterprise in China's capital market,which provides a good reference for the listing of other cross-border e-commerce companies in China,and also provides a very good case material for the research of this paper.Summarizing the previous research theories,we can find that few studies have clearly defined the backdoor listing pattern,and few studies have explored the influencing factors of backdoor listing pattern selection.So this paper uses case study method,based on abundant empirical data,constructs relevant theory,defines the pattern of backdoor listing,and finds out the factors influencing its choice.This paper takes the Globalegrow E-Commerce Backdoor listing as the research object,and through the single case research method,from the three essential steps in the whole process of backdoor listing,which is asset replacement,control rights acquisition and payment method,to defining and classifying the concept of backdoor listing pattern,and identifying the factors that influence the choice of backdoor listing pattern.On this basis,further examine the economic consequences of the listing of backdoors.The study found that the resource heterogeneity between the shell company and the backdoor company,the shareholding ratio of the shell company's largest shareholder,and the market opportunity respectively affect the borrower's asset replacement method,control rights acquisition method and payment method,and thus influence the choice of the backdoor listing pattern.The research in this paper not only increases the theoretical research of the backdoor listing pattern,but also broadens the research scope of resource heterogeneity?the shareholding ratio of the largest shareholder and market timing in the Chinese capital market,and provide more path choices for the listing of cross-border e-commerce companies in China.