Financial Performance Analysis Of Real Estate Enterprises'Backdoor Listing

State-owned enterprises are the vanguard of China's economic construction.Promoting the reform of state-owned enterprises and strengthening and expanding state-owned enterprises are major strategic measures for China's economic transformation and upgrading and high-quality development.The important direction of the current state-owned enterprise reform is to implement the reform of state-owned enterprise mixed ownership,actively promote the listing of state-owned enterprises,optimize the equity and governance structure of enterprises,and broaden the financing channels of enterprises,thereby further improving the operational efficiency of state-owned enterprises and amplifying the function of state-owned capital.Improve the competitiveness of the state-owned economy.In recent years,state-owned enterprises have frequently achieved listing through backdoors,bypassing the long waiting process of IPO audits and greatly improving listing efficiency.However,after borrowing the shell,it still faces problems such as whether management and other aspects of integration are in place and whether financial performance can be achieved as scheduled.This article takes Greenland Group as a specific research object.Firstly,the background and significance of the research were elaborated,and the development process of backdoor listing since the 21 st century was understood.Learning from domestic and foreign scholars on the research results of the backdoor listing,and the relevant theoretical basis for the corresponding summary,to lay a theoretical foundation for further research.Secondly,it introduces the specific situation of the company before the merger and acquisition of Greenland Holdings and Jinfeng Investment,and analyzes the motivations of the backdoor and the shell according to the different needs of the company.Thirdly,the research on financial performance mainly uses financial indicator analysis method to analyze the long-term financial performance of enterprises after backdoor listing.At the same time,it combines event analysis method to analyze short-term financial performance and test whether the backdoor listing brings positive wealth effect to shareholders.Finally,combined with the research and analysis of this incident,it provides experience and suggestions to other enterprises that have plans to expand financing through backdoor listing,especially for those SOEs in the same industry who want to reform through participation in mixed ownership.Through the analysis and research of the case,this paper concludes that after the successful listing of the Greenland Group,the development of the company has been greatly improved.Although there is no obvious improvement in operating capacity and solvency in the near future,the profitability and development capability have been significantly improved,reaching the expected level of enterprises before the listing.At the same time,due to the positive signals sent by the enterprises to the market through the backdoor listing,the shareholders' wealth has been improved,bringing positive wealth effects.Therefore,the merger and reorganization has a positive effect on the company's financial performance,and companies can improve their financial performance through backdoor listing.For other companies that want to go on the market,they can use the successful experience of Greenland Group to select the listing plan suitable for their own development status.