Financial Performance Analysis of Backdoor Listed Companies

IPO listing threshold requirements are high, many enterprises have chosen to backdoor listing due to the restrictions of objective factors. In order to study the impact of backdoor listing on corporate financial performance, this paper adopts the method of case analysis and takes SF Express, a typical representative of express delivery industry, as an example to analyze whether SF Express has improved its financial performance after backdoor listing by using financial indicators such as debt paying ability, operating ability, profitability and growth ability. The results show that the overall financial performance of SF Express has been improved due to the sufficient capital and the expansion of business scope. The innovation of this paper lies in the horizontal short-term comparison of financial data of SF Express which is backdoor listed and DEPPON Express which is IPO listed in express industry. The research shows that backdoor listing is more conducive to the improvement of the financial performance of enterprises in the short term, providing certain reference value for enterprises that want to go public by backdoor listing in the express industry in the future. However, when deciding to go public, different enterprises should choose suitable listing schemes according to their own financial characteristics and understand the risk and the strategic goal of the enterprise’s own development.

IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE AT THE BACKDOOR LISTING PROSEDUR AS MEANS OF BUSINESS DEVELOPMENT IN INDONESIA STOCK MARKET

<p align="center"><strong><em>Abstract</em></strong><em></em></p><p align="center"><em>Developments in the field of capital markets encourage the emergence of </em><em>various</em><em> corporate actions to obtain benefits such as a public company. One of the emerging corporate actions </em><em>which have been done is</em><em> Backdoor Listing. Regulations in the capital market is generally allow</em><em>ed</em><em> backdoor listing. </em><em>B</em><em>ackdoor</em><em> L</em><em>isting</em><em> p</em><em>rocedure are often executed in Indonesia are as follows: (1) The acquisition of control of a public</em><em> </em><em>company by </em><em>private </em><em>company through the rights issue</em><em> (2) </em><em>the acquisition of </em><em>private</em><em> company </em><em>by </em><em>an </em><em>public</em><em> company that has an affiliate relationship with the </em><em>private</em><em> company into standby purchaser/ new controllers</em><em>. Study fulfillment of the Good Corporate Governance</em><em> </em><em>principles in the backdoor listing procedure is known that this procedure is still not met the Principles of Transparency, Accountability</em><em>, </em><em>as well as fairness and equity. It is need</em><em>ed</em><em> to establish </em><em>the </em><em>rules of providing transparency obligation to assess the feasibility of a new public company controller.</em><em></em></p><p>Keywords: <em>Good Corporate Governance, Stock Market, Backdoor Listing</em></p>

Implementation of Good Corporate Governance at the Backdoor Listing Prosedur as Means of Business Development in Indonesia Stock Market

Developments in the field of capital markets encourage the emergence of various corporate actions to obtain benefits such as a public company. One of the emerging corporate actions which have been done is Backdoor Listing. Regulations in the capital market is generally allowed backdoor listing. Backdoor Listing procedure are often executed in Indonesia are as follows: (1) The acquisition of control of a public company by private company through the rights issue (2) the acquisition of private company by an public company that has an affiliate relationship with the private company into standby purchaser/ new controllers. Study fulfillment of the Good Corporate Governance principles in the backdoor listing procedure is known that this procedure is still not met the Principles of Transparency, Accountability, as well as fairness and equity. It is needed to establish the rules of providing transparency obligation to assess the feasibility of a new public company controller.<br /><br />Keywords: Good Corporate Governance, Stock Market, Backdoor Listing