Study On The "Backdoor-like" Listing Behavior Strategy And Market Performance Of Faction Enterprises

The high threshold of IPO in China and the strictest new regulations on backdoor listing in 2016 have discouraged many high-quality enterprises that plan to go public.In this case,the “backdoor-like” listing,which avoids backdoor listing but achieves the purpose of reorganization listing in essence,emerges quietly.Mango faction enterprises is just using this kind of asset injection method to achieve curve listing.At present,the theoretical and practical circles pay more attention to the “backdoor-like”listing mode of "one-to-one",but less attention is paid to the clan "multi-to-one" which is formed by a number of equity affiliated companies gradually rising.The motivation,operation mode and market performance of the clan enterprises’ backdoor-like listing mode deserve further study.This thesis selects the case of mango faction enterprises’ "backdoor-like" assets into Happy Shopping Co.,Ltd.as the research object,and analyzes the motivation and economic consequences of mango faction enterprises’ "backdoor-like" behavior by studying its performance before and after the "backdoor-like" event.On the basis of reviewing domestic and foreign scholars’ literature on backdoor listing and "backdoor-like",this paper defines the concepts of backdoor listing and "backdoor-like" from two dimensions: theory and regulatory standards.Then,in combination with the background of the rise of new media industry in China and the national policy to encourage the integration of old and new media development,the motivation and operation process of the "backdoor-like" asset injection event of mango faction enterprises are introduced in detail.Finally,using the event study method,Dupont analysis method,standard analysis method and non-financial performance methods to study the short-term and long-term performance of "backdoor-like",and get some enlightenment and conclusions.The results show that the motivation of "backdoor-like" asset injection behavior of mango faction enterprises is to construct the layout of omnise media industrial chain,reduce the competition among companies in the group,raise supporting funds and introduce strategic investors.Through the use of "multi-main business synergistic development","multi-loan asset injection form" and "similar backdoor listing under the same control" technique,Mango faction enterprises has successfully avoided the strict review standards for backdoor listing,and achieved the successful docking between mango faction enterprises and the capital market.The successful implementation of mango faction enterprises’ "backdoor-like" makes the listed companies perform better.In terms of short-term performance,the event study method found that the "backdoor-like" behavior of mango faction enterprises significantly increased the cumulative excess returns of the listed subjects,and the capital market gave positive feedback to this "backdoor-like" behavior.In terms of long-term performance,Dupont analysis method is used to decomposition the most representative ROE index layer by layer,and then longitudinal comparison of the historical data of five years is made.It is found that after the kind of backdoor-like listing is completed,the company’s income continues to grow,and the data of ROE and net profit rate on sales are good.Using the benchmarks analysis method to make a horizontal comparison of the financial data of the peers,Mango faction enterprises has a good performance,and its overall performance is at the leading level.In addition,the successful listing of Mango faction enterprises makes the company’s management more standardized,industry-leading talent pool,and brand competitiveness significantly enhanced.Through the in-depth study of the success of the "backdoor-like" of Mango faction enterprises,this paper enriched the case study of the "backdoor-like" listing,and also had certain reference significance for the future enterprises hoping to get listed through the "backdoor-like".