Research On The Motivation And Transaction Design Of State-owned Enterprises' Backdoor Listing

The reform of state-owned enterprises has always been a hot spot in practical and theoretical circles.Since the Third Plenary Session of the Eighteenth Central Committee in 2013,there has been a wave of state-owned enterprise reforms across the country,and local governments have become more aware of the importance of capital markets for the reform of state-owned enterprises,and have carried out state-owned asset integration around existing listing platforms.Backdoor listing schemes of state-owned enterprises have emerged in an endless stream,but not all restructuring and listing have achieved their expected goals.Many cases have been blocked in the reform process and failed or deviated from the original intention of the action,resulting in poor final results.In this context,Yuexiu Financial Holdings,which is under the jurisdiction of the Guangzhou SASAC,not only succeeded in becoming the first local financial control listing platform through backdoor listing,but also completed the promotion of state-owned enterprise reforms and the development of local financial.Therefore,this article wants to comprehensively analyze this case through the "goal-action-result" analysis framework,find its successful experience,dig out the highlights of its plan,improve its deficiencies,so as to supplement relevant research and provide information for state-owned enterprises and Local state-owned asset reform provides inspiration.And provide inspiration for local state-owned asset reform.In the research process,it was found that the backdoor case of Yuexiu Financial Control was completed under the promotion of the actual controller,the Guangzhou Municipal Government.Therefore,at the beginning of the plan,in addition to the micro goals of expanding corporate financing channels and expanding brand regional advantages,it clearly defined the macro-targets of advancing the reform of state-owned enterprises and enhancing local financial strength.And in the design of the transaction structure,the state-owned enterprise's special related party regulations and the power of the actual controller are used to preferentially select backdoor objects and financing objects,lower the transaction consideration and the new stock issuance price,and at the same time pull away the industry to build a holding platform and extend the control for free transfer Chain,which in turn ensures the realization of the original intention of the backdoor.It is the overall planning of the SASAC and the ingenious design of the tradingplan of Yuexiu Financial Control that have contributed to the success of this backdoor case,which has been widely recognized by the market,and its excellent financial performance in the year of listing,the industry rankings have risen rapidly.However,the strategic mistakes of Guangzhou Securities,the main business,offset the rapid growth of other financial businesses and dragged down the performance after 17 years.It also reminded that state-owned enterprises should effectively combine capital operations and business strategies in order to achieve the goal of capital operation as much as possible.In the end,this article summarizes the above analysis and findings in two chapters and six revelations.It puts forward the conclusion that “the appropriate intervention of the government has a positive effect on the realization of the state-owned enterprise capital operation goals”,and provides suggestions for the follow-up research direction on the deficiencies of this article.