Abstract
The backdoor listing form of IPO has been developed for many years，there is
also a lot of academic research on backdoor listing. This special form of IPO is very
researchable. Being in the consumer electronics industry, Lingyi Technology in the face
of fierce market competition, also took the backdoor listing way to enter the capital
market by the power of Jiangfan Magnetics. This paper selects the backdoor listing of
Lingyi Technology as the case study of this paper mainly because of the uniqueness of
this form, which is a backdoor listing under the mode of " Non-Asset Disposals ", or a
combination of the concepts of "industrial integration" and " backdoor listing ".
Through this backdoor listing, Lingyi Technology not only achieved the purpose of
listing, but also achieved industrial integration and business complementation with
Jiangfan Magnetics, which is also in the consumer electronics industry. This paper
compiles domestic and international literature, the annual reports of Jiangfan Magnetics
and Lingyi Technology, and the transaction reports of Jiangfan Magnetics to gain an
in-depth understanding of this back door listing. This paper first examines the
motivation of the two parties and the reasons for choosing the " Non-Asset Disposals "
model for the listing, and discusses the analysis from the perspective of both parties.
After that, this paper adopts the event analysis method to study the impact of the listing
on the market, and then analyzes the changes in the financial data before and after the
listing and the reasons for them through financial indicators. The entropy-topsis model
is used to rank and compare the financial performance of Lingyi Technology before
and after the listing, and the change in financial performance and the reasons for the
change in financial performance are analyzed. Through the above analysis, this paper
finds that the " Non-Asset Disposals " model is beneficial to Lingyi Technologies from
the perspective of business integration, and the financial performance of Lingyi
Technologies has been significantly improved after the shelling. In addition, although
the overall financial performance after the shell listing is improved, the financial
performance of the enterprises in the first year after the listing in 2018 is ranked poorly,
which is also discussed in this paper. Finally, based on the full analysis, the paper draws
conclusions and makes suggestions for the future development of Lingyi Technology.
Key Words：Back door listing；Financial performance；Industrial integration
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目录
摘要...........................................................Ⅰ
Abstract.......................................................Ⅱ
目录...........................................................Ⅲ
摘要.........................................................................................................................I
Abstract..................................................................................................................II
第 1章绪论 .........................................................................................................1
1.1研究的背景 ....................................................................................................1
1.2研究的目的和意义 ........................................................................................2
1.3研究的内容、方法和技术路线 ....................................................................3
1.3.1研究内容 .............................................................................................3
1.3.2研究方法 .............................................................................................4
1.3.3技术路线 .............................................................................................4
1.4本文的主要特点 ............................................................................................5
第 2章相关理论回顾与文献综述 .....................................................................6
2.1相关理论回顾 ................................................................................................6
2.1.1信息信号理论 .....................................................................................6
2.1.2协同效应理论 .....................................................................................6
2.1.3委托代理理论 .....................................................................................6
2.2相关文献综述 ................................................................................................7
2.2.1关于首次公开募股（IPO）与借壳上市.............................................7
2.2.2关于壳资源价值评价 ..........................................................................9
2.2.3关于财务绩效评价方法 ....................................................................10
2.2.4文献评述 ...........................................................................................10
第 3章领益科技借壳上市动因与交易过程 ...................................................12
3.1借壳双方的背景情况 ..................................................................................12
3.1.1江粉磁材基本情况 ...........................................................................12
3.1.2领益科技基本情况 ...........................................................................13
3.2领益科技借壳上市交易过程 ......................................................................15
3.2.1借壳上市的模式 ................................................................................15
3.2.2领益科技借壳上市的过程 ...............................................................15
3.3领益科技借壳动因分析 ..............................................................................16
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3.4江粉磁材让壳动因分析 ..............................................................................18
3.5领益科技选择“非净壳”借壳上市的动因总结 ......................................20
第 4章领益科技借壳上市市场绩效分析 .......................................................21
4.1事件研究法下借壳上市的市场绩效测量 ...................................................21
4.1.1事件日的选择 ...................................................................................21
4.1.2窗口期以及估计期的选择 ...............................................................21
4.1.3数据收集、计算 ...............................................................................22
4.1.4预期收益率、超额收益率、累计超额收益率的计算 ...................22
4.1.5超额收益率以及累计超额收益率的分析 .......................................23
4.1.6累计超额收益率的 T检验 ...............................................................24
4.2本章小结 ......................................................................................................25
第 5章领益科技财务绩效分析 .......................................................................26
5.1财务指标选取与上市前后财务分析 ...........................................................26
5.1.1整体财务状况 ...................................................................................26
5.1.2领益智造的财务分析 ........................................................................30
5.1.3熵权-Topsis对领益智造财务绩效的评价 .......................................40
5.2财务绩效评价结果分析 ............................................................................46
第 6章结论以及建议 .......................................................................................50
6.1结论 ..............................................................................................................50
6.2后续建议 .......................................................................................................51
6.2.1提升往来款项管理效率 ...................................................................51
6.2.2选择具有业务协同效果的公司进行非净壳上市 ............................52
6.2.3非净壳模式下借壳后需要注意双方的业务整合 ...........................52
参考文献..............................................................................................................54
致谢......................................................................................................................57
IV
。。。以下略