Research On The Economic Consequence Of Of Lingyi Technology's Backdoor Listing

Since the appearance of backdoor listing in the capital market,through the continuous baptism and development of markets in various countries,it has received more and more attention in the theoretical and empirical circles.In the context of increasingly fierce competition in the manufacturing of precision electronic components,in order to quickly obtain financing and improve market competitiveness,many companies in the industry have chosen their own M & A and listing methods.This article selects Lingyi Technology's backdoor listing as the background case,mainly considering the shell company only issues equity to buy the assets of the backdoor enterprise,and does not release the original assets,this transaction structure of the case is very specially,and the transaction purpose of this case is also quite special-that is,to achieve the purpose both of industrial integration and backdoor listing.Firstly,it introduces the research background,significance,content and methods,collates relevant domestic and foreign literature,and describes in detail the important concepts and theories related to backdoor listing and industrial integration.Secondly,this article analyzes the transactions structure and backdoor motivations between the two sides of the backdoor listing.Furthermore,this article uses event research method,traditional financial indicator analysis method,EVA indicator analysis method and comparative analysis method in the same industry.Based on the backdoor listing angle,this article compares and analyzes "Lingyi Technology + Jiangfen Magnetic Materials" in the transaction from the vertical and horizontal aspects.Changes in some financial indicator data that may occur afterwards and analyze the reasons,and then based on the perspective of industrial integration,and from the three aspects of product chain integration,knowledge chain integration and value chain integration,the evaluation of the non-financial performance changes of the target company after the backdoor.By the study found that although most of indicators have declined in the first year after the backdoor,from the perspective of the transaction purpose and transaction results,Lingyi Technology's backdoor development has been positive,and the horizontal industry chain integration has also been realized to exert synergy effects.Then,based on the analysis of the changes in corporate performance,it is found that the short-term financial performance of the company is better,but the long-term financial performance is relatively poor.It summarizes the problems caused by this phenomenon and proposes relevant suggestions for the problems.Finally,based on the above,summarize the conclusions of the study and look forward to the development of companies that want to "industry integration + backdoor".