Research On The Motivation And Performance Of Backdoor Listing Of Pharmaceutical Companies

With the growing prosperity of the domestic securities capital market and the promotion of favorable policies in the pharmaceutical industry,more and more pharmaceutical companies hope to expand their financing channels by listing.As one of the ways of asset reorganization,has a lower threshold compared with IPO,which can not only shorten the time of listing,but also save costs,It is more and more frequently used in the capital market,and the public is more and more accepted and recognized by backdoor listing.Therefore,the research on backdoor listing has its practical significance,which provides some reference for the pharmaceutical companies that plan to backdoor listing in the future.Firstly,this paper first introduces the background and significance of backdoor listed companies in the pharmaceutical industry,expounds the research content and methods,and combs the literature review at home and abroad.Secondly,this paper introduces the related concepts and theories,and expounds the model of backdoor listing,performance evaluation methods and related theoretical basis.Youbo pharmaceuticals backdoor listing is selected as the case of this article.First,introduce the basic situation of Youbo pharmaceutical and Jiuzhitang and the process of backdoor listing.Secondly,we analyze the motivation of both sides.We find that the motivation of backdoor company is that backdoor listing is easier than IPO,the promotion of good policies of pharmaceutical industry,the expansion of financing channels and the improvement of the company’s popularity.The motivation of backdoor company lies in In order to improve profitability,break the marketing dilemma,and obtain synergy.Thirdly,through the financial index method,event research method and EVA method to study the performance before and after backdoor listing,it is found that backdoor listing has a good market response in the short-term market,financial performance and shareholder wealth effect can be improved,but still need to pay attention to the long-term performance.In the part of conclusions and suggestions,the following conclusions are drawn: the backdoor listing is successful,and the purpose of both sides is basically achieved;the backdoor listing has played a more positive role,but the long-term performance remained to be investigated;on the whole,the backdoor listing behavior can optimize resource allocation,achieve synergy,and improve the utilization rate of asset capital.Finally,the paper puts forward some suggestions for the pharmaceutical companies to be listed,including the following points:making full preparation in the early stage of backdoor listing;effectively integrating assets and improving business capacity;paying attention to long-term performance and preventing financial risks.