Jialin Pharmaceutical With The Help Of Mergers And Acquisitions Fund Backdoor Listing Performance Research

In recent years,with the implementation of the supply-side reform and One Belt And One Road policy,China's economy is developing rapidly,and the competition in the capital market is fierce.In order to expand the scale of the market and improve the core competitiveness,more and more companies have embarked on the road of financing such as mergers,acquisitions,reorganizations,backdoor listing and so on.This series of operations is difficult to achieve the expected results only by the company's own strength,must rely on other forces,mergers and acquisitions fund as an important tool for enterprise mergers and reorganizations,with the increase of mergers and acquisitions business,also get the development.More and more enterprises to choose buyout funds,buyout funds can not only absorb the social capital to alleviate the company demand for money,you can also help the company to find a good acquisition targets to integrate resources,to efficient allocation of resources,optimize the industry integration,industry mergers and acquisitions fund has important participants to the implementation of the merger,acquisition and reorganization of the company.Due to the complicated IPO listing process,many conditions and long term,it is difficult for many companies to meet the requirements for smooth listing,which greatly restricts the development of those companies that want to raise funds through listing.Based on the above situation,more and more companies choose backdoor listing for quick and smooth listing.Compared with IPO listing,backdoor listing greatly simplifies the listing procedures and can shorten the listing time,Secondly,the success rate of backdoor listing is higher,and it is easier to pass the audit.Thirdly,it can meet the urgent financing needs.As backdoor listing is faster than IPO listing,it can better solve the financing problem of enterprises,Finally,backdoor listing is essentially mergers and acquisitions among enterprises.Compared with IPO listing,the cost is lower.In view of the above advantages,enterprises are more willing to choose backdoor listing.This paper firstly analyzes the development status of M & A funds at home and abroad.In recent years,there have been a number of backdoor listing cases in China's pharmaceutical industry.The common point of these backdoor listing cases is that they allinvolve M & A funds.Under the above background,this paper selects the largest backdoor listing case in the history of Chinese medicine--Jialin pharmaceutical backdoor Tanshan textile,to explore the performance brought by the successful listing of enterprises with the help of M&A,The backdoor party participating in the backdoor transaction is Jialin pharmaceutical co.,LTD.,and the backdoor party is Tianshan textile co.,ltd.and the Shanghai yueye m&a fund as the bridge capital.The backdoor transaction process is divided into four steps: major asset sales and replacement,issue shares to purchase assets,share transfer,and raise supporting funds,Shell side is involved in the backdoor deal Jia lin pharmaceutical co.,let the shell side of Tianshan textile,and ACTS as a bridge capital Shanghai Yue Ye buy-out fund,backdoor trading process is divided into four steps: major asset sales and replacement,purchase of assets through issuing shares,share transfer,raising matching funds,In this process,the M&A fund adopts the embedded operation mode,shares in listed companies,adopts the 1:3 structural leverage,levered the huge capital with less capital,successfully helped enterprises to raise funds,reduced the risk of backdoor listing,and improved the company's valuation,After Jialin successfully backdoor,the market value performance and financial performance of Jialin's backdoor listing were analyzed with the method of event study and financial index analysis respectively.Through the analysis,it was found that the backdoor listing had a positive impact on the short-term performance effect of the company,and a weak impact on the long-term performance,namely financial performance.,Finally come to a conclusion and gives the corresponding Suggestions.