Study On The Economic Consequences Of Backdoor Listing Of BAIC New Energy

My country’s IPO landing in the capital market requires companies to achieve a high level of profitability,and requires a lot of manpower,material resources and resources to review.Only after queuing can they successfully conduct an IPO and land in the capital market to achieve their staged goal of successful listing.The new energy automobile industry is an emerging industry in recent years with huge development potential.However,because the profitability of new energy automobile companies is relatively poor,the best way to achieve the goal of listing is to backdoor.Therefore,the article chooses BAIC Energy Backdoor Qianfeng Electronics as a research case to analyze the backdoor listing of new energy vehicle companies,hoping to provide useful reference and reference for the listing of other new energy vehicle companies in my country and the reform of state-owned assets.First,the article searches the research literature on backdoor listings in my country and other countries,focusing on analyzing the performance changes of companies after backdoor listings and the reasons why companies choose backdoor listings.Second,analyze the case of BAIC New Energy’s backdoor listing of Qianfeng Electronics,the case company studied in the article,introduce the basic situation of BAIC New Energy and Qianfeng Electronics,summarize the background of BAIC New Energy’s backdoor listing,and backdoor it The process is sorted out and summarized.Third,focus on exploring the motivations of BAIC New Energy’s backdoor listing,analyzing from two perspectives of internal and external motivations,and pointed out that the internal motivations of the new energy backdoor listing in this period are mainly its own strategic planning and seizing market opportunities.External motivations Mainly due to the energy crisis and the decline of market competition and subsidies.Fourth,a comparative analysis of the performance changes of BAIC New Energy after its backdoor listing,mainly from three aspects:（1）The market reaction of BAIC New Energy before and after the listing was analyzed through the event method,and the comparison found this time.The market reaction after New Energy’s backdoor listing was negative,and the stock price fell sharply on the first day of the resumption.During the research event,BAIC New Energy’s stock price continued to fall by more than 37%.（2）Choose the method of indicator analysis to analyze the four financial indicators of BAIC New Energy: including profitability,operating ability,debt servicing ability and growth ability.After the backdoor listing of BAIC New Energy,its operating capacity and solvency have been reduced to a certain extent compared to that before the listing,but the growth and profitability of BAIC New Energy after the backdoor listing have increased to a certain extent.The following five conclusions have been obtained from the above research: First,the company can indeed shorten the time to market through backdoor,thereby accelerating the speed of the company’s listing;second,after the company backdoor,it will further increase the benefits of the industry chain in which it is located,and The ability to intensify the connections and exchanges between upstream and downstream companies in the industrial chain has a certain promotion effect on the development of the company;third,after the backdoor listing,the company will force its own development through performance gambling,so it can make the company The development potential of the company has been fully tapped;fourth,if a company wants to give full play to the synergies after the backdoor listing,it must fully integrate resources,thereby enhancing its own market competitiveness;fifth,for the reform of state-owned assets,backdoor listing may be Provide a new idea,companies can improve their own asset efficiency by selling shells and buying shells,so that the company can rejuvenate.