The Comparison And Research Of The Mode To Entry Capital Market Of New Energy Automobile Enterprises

In order to cope with global climate change,reduce carbon emissions,reduce global energy dependence on oil,and achieve the transformation of automotive power system,the development of new energy vehicles has become the general trend of the development of the automotive industry.Under the domestic policy background of implementing energy conservation and emission reduction and realizing sustainable economic and social development,the rapid development of new energy automobile industry is particularly remarkable,and the development prospect of the industry is promising.However,most of the enterprises in China’s new energy automobile industry are still in the development stage of starting up.The huge investment in research and development needs the support of a large amount of funds.The financing difficulty has become a bottleneck restricting their further development.Usually,there are two ways to go public: direct listing(IPO)and indirect listing(backdoor listing).According to the different listing location can be divided into domestic listing and overseas listing two kinds.No matter what kind of listing method is adopted,it will raise a large amount of funds for the enterprise,transfusion for the development of the enterprise,and bring great convenience for the enterprise to refinance through the capital market.But which is better and which is worse,and what impact will it have on the subsequent operation and development of the enterprise?To solve these problems,this paper collected about direct listing,backdoor listings as well as the overseas listing of the literature,found for listing way,most of scholars both at home and abroad research focus has been IPO and motivation and performance analysis of backdoor listings,as well as the value of shell resources,few scholars put together the two listings contrast research,especially for the emerging of new energy automotive industry is very few people involved.The research on listing places mainly focuses on the environment and policy comparison of listing at home and abroad,among which there are many theoretical and empirical studies,while few people make comparative studies on different listing methods for a specific industry.Therefore,it is of great significance to study the different listing methods of new energy automobile enterprises.Based on the development of new energy automotive industry in our country as the research background,selected two companies BAIC BJEV and NIO,with a review of the relevant theory and the case analysis,the conditions,with respect to the manner of the two listed on the market process,costs,income,financial and stock market performance comparisons subsequent,sums up the advantages and disadvantages of two ways.From the perspective of listing conditions,compared with the strict listing review system in China,the conditions for overseas IPO are looser,and they pay more attention to the growth of enterprises.In particular,foreign investors will be more optimistic about new energy vehicles,a high-tech industry with broad development prospects.And for the cost of listing,generally according to the selection of shell resources to determine,but usually the domestic backdoor listing costs will be slightly higher.From the perspective of listing earnings,in general,overseas IPO can raise more funds,which is conducive to opening overseas markets and improving the popularity of enterprises.For enterprises that intend to expand overseas business,overseas IPO is a better choice.At last,the stock price reaction showed that the stock price of nextev,an overseas IPO,performed better than that of baic new energy,a domestic listed company,in the short term,while the long-term share price trend and fundamentals of the two companies are not ideal.