Research On The Backdoor Listing Performance Of Home Furnishing Stores Based On Balanced Scorecard

The traditional development pattern of the home furnishing industry is undergoing dramatic changes with the progress of the times.Traditional home furnishing companies have to seek transformation and development,and enterprises that are not well transformed will gradually fade out of the perspective of consumers.At the same time,the Chinese government has continuously introduced new favorable policies to promote the development of the home furnishing industry.The market position of leading home furnishing companies has been continuously consolidated.More and more home furnishing companies are eager to enter the capital market as soon as possible to improve their comprehensive capabilities.There are two ways for Chinese enterprises to enter the capital market: backdoor listing and IPO listing.Among them,the IPO listing process has become more and more stringent,so many private enterprises choose backdoor listing to gain more room for development.Although the my country Securities Regulatory Commission is also raising the threshold for backdoor listing,for "asset-light" companies like Easyhome,backdoor listing is still the first choice for listing.Against this background,this article selects the leading company in the home furnishing market,Easyhome,as the case analysis object for backdoor listing.With the support of financial and non-financial indicator data from 2016 to 2022,the backdoor listing is carried out based on the four dimensions of the Balanced Scorecard.Performance evaluation enriches the theoretical research related to borrowing and listing,and also provides reference value for promoting the transformation and development of traditional Chinese home furnishing companies.Firstly,through literature review and theoretical analysis,this paper finds that the Balanced Scorecard is more comprehensive than other methods in measuring and evaluating the performance of backdoor listings.Subsequently,this article introduces the basic situation of both Easyhome and Wuhan Zhongshang,sorts out the backdoor listing process,analyzes the motivations for backdoor listing,and uses SWOT analysis to determine the specific evaluation indicators of the four dimensions of finance,customers,internal processes,learning and growth,and The entropy value method was superimposed to objectively determine the weight of each indicator,and multiple groups of performance indicators were quantified to obtain a comprehensive score.It was found that although the backdoor listing of Easyhome performed generally in some financial indicators,it combined with non-financial indicators and backdoored The overall effect of the listing was good,fulfilling the original strategic goal of backdoor listing,and fulfilling the terms of the VAM.Finally,the paper puts forward suggestions for home furnishing companies listed in the backdoor market in the future,including improving asset management capabilities,strengthening online and offline strategic cooperation,selecting high-quality shell resources,and optimizing the management structure before and after backdooring.