| In order to study and discuss the performance and motivation of Chinese enterprises returning to A-share market through backdoor listing.Research on enterprise performance has always been a hot topic in academic research and discussion,especially on the performance of listed companies.Since the reform and opening up,with the improvement of China’s economic level,the economic development has shifted to the trend of high-quality development,and the research on enterprises has expanded from quantitative accumulation to qualitative leap,the development and improvement of China’s securities market is based on this background.Enterprises expand financing channels through the securities market,and at the same time,enterprises also gain a lot of attention.For entrepreneurs,listing is also a symbol of success.In today’s fierce competition to maintain their market position,is not an easy thing.The qualification of listed companies can bring a lot of benefits to enterprises,and enterprises are more favored for listing qualification.In the face of such fierce market competition,if you can complete the listing one step faster,it is possible to gain a better foothold in the future development.Therefore,backdoor listing or buying shell listing has been favored by quite a few enterprises,especially Internet enterprises.This paper focuses on the performance research of backdoor listing,and uses the literature analysis method,time study method and entropy weight TOPSIS model to study and analyze the performance of the target company through backdoor listing.Data from the public financial statements of a large number of listed companies are used.Rational analysis was carried out.Based on this,this paper carries out relevant research based on this event.At the beginning of this paper,the author collects the academic research results on backdoor listing,including the research literature related to backdoor listing and the theoretical concepts with important status.At the same time,it also shifts its attention to the backdoor implementation plan of 360 Company.Firstly,it introduces in detail the basic information of the two parties in this incident,namely,the backdoor party and the backdoor party,including the main business,operation,financial status,equity structure and management.In this paper,the author also discusses the background of why 360 wants to return to the A-share market.In terms of motivation,by consulting a large amount of literature,the author expounds why the target company wants to be privatized from the US stock market and return to China from the following aspects,and what is the purpose and intention of choosing this company as a shell company.What are the advantages or disadvantages of the shell company relative to other companies?According to the performance before and after the regression,as well as the way and Angle of how to evaluate the performance,the targeted method is selected for performance analysis.According to the short-term performance,the event study method is selected to analyze the short-term performance,and the attitude of the target company in the market is obtained before and after the regression.Long-term performance analysis uses entropy weight TOPSIS method to build a comprehensive financial evaluation index system to analyze and evaluate long-term performance.The long-term performance is studied and analyzed by selecting event study method and entropy weight TOPSIS method.Besides,three other Internet enterprises with the same business model were selected and compared with the target company to evaluate its influence and comprehensive competitiveness in the industry.In the final stage of the paper,the author based on the above content and analysis of the data from the comprehensive conclusion and prospects.The author also hopes that through this article,it can provide certain reference significance and reference for Chinese concept stock enterprises and related enterprises with similar ideas and strategic planning to complete the listing,such as Internet enterprises. |
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