Research On The Financial Performance Of Greenland Group's Backdoor Listing

With the continuous development and improvement of China's economy,the development speed of state-owned enterprises has slowed down.State-owned enterprises,as the backbone of national economic development,represent the will of the government and national interests.The proposal of the reform of state-owned mixed ownership has provided a new development path for state-owned enterprises to adapt to market transformation.As early as the Third Plenary Session of the 18th CPC Central Committee,it emphasized the deepening of mixed ownership reform,the improvement of the management system of state-owned assets,and the economic vitality and competitiveness of state-owned enterprises.State-owned listed companies have become representatives of mixed ownership reform.As of the end of 2014,among listed companies,state-owned listed companies accounted for 39.32%.State-owned enterprises realize the reform of mixed ownership through listing,expand financing channels,accelerate enterprise development,and enhance enterprise competitiveness.Due to strict restrictions on listing conditions,suspension of IPO audits,and increase of corporate listing thresholds,the listing speed of many enterprises has been slowed down.In order to obtain financing as soon as possible,many companies choose to go public by listing,and at the same time as they achieve the listing purpose,the process is simple,the time is short,and the cost is low.The paper selects a case in which the large-scale real estate enterprise Greenland Group,which has a background of state-owned assets,has successfully listed on the back of Jinfeng Investment.The paper expounds the operation mode and motivation of Greenland Group's backdoor listing,and analyzes the financial performance changes before and after the company's backdoor listing based on the background and industry situation.It finds that the Greenland Group's short-term solvency after listing on the backdoor Jinfeng Investment With a slight improvement in profitability,long-term solvency and operational capacity have not changed much.Overall,the overall financial performance has not improved significantly.In view of the problem that the Greenland Group did not significantly improve the financial performance after the listing,and to solve the problem,the conclusion was drawn.According to the process of the Greenland Group's backdoor listing,the paper draws the conclusions of the study,which can be used as a reference for future mergers and acquisitions,listings and the reform of state-owned enterprises.