Research On The Performance Of Backdoor Listing In Domestic Of Qihoo 360

A-shares "wooden bridge",American investors agreed,financing convenience makes A large number of emerging industry company at the end of last century go overseas listing,but in recent years,the domestic policy of emerging enterprises,the boost and the unprecedented high valuation,contrast overseas in A short,litigation and undervalued,so almost in stocks are planning to return to,IPO audit strictly,time for A long time makes simple quick backdoor listing of the best choice is logged in A shares.However,backdoor listing also has problems such as high backdoor cost and high operational risk.How to choose a shell company,whether the listing motivation can be realized through backdoor listing,how does backdoor listing affect the performance of the enterprise,and how to improve the performance of the company after backdoor listing are the key issues that the company needs to consider.This paper analyzes the overall performance of Q ihoo 360,a Chinese company that has successfully returned to the domestic market by backdoor method.Starting from expounding the related concepts and basic theories of backdoor listing,this paper sorted out relevant literatures,then introduced the gene ral situation of both parties,backdoor scheme,backdoor process,etc.,and analyzed the causes of backdoor listing.Then combined with the relevant data of Qihoo 360 backdoor listing,the event research method was used to analyze the short-term market effect.Starting from the four capabilities of profitability,debt service,operation and development,the financial index analysis method and EVA analysis method were used to analyze the financial performance changes of Qihoo 360 before and after the backdoor listing.Through the research,the following conclusions are drawn :(1)both Qihoo 360 and the shell company SJEC get have achieved the transaction purpose,especially after the backdoor listing of Qihoo 360,seized the industry development opportunities and realized the rapid growth of operating income.(2)the backdoor listing significantly improved Qihoo 360's corporate performance,with the company's stock price achieving a cumulative excess return of 164.43% in the short term,and Qihoo 360's profitability,debt-paying ability and development ability rising rapidly in the long term.The corresponding EVA value also increased by 50%.(3)for other Chinese companies,they should choose the appropriate way and timing of listing.Backdoor listing is easy to review and fast to list.Rapid listing for financing is conducive to enterprises to seize the opportunity in market competition,but at the same time,they also need to spend a huge price to buy companies.Therefore,Chinese companies should carefully choose the way of backdoor listing according to their own needs and national strategies and market policies.