Author(s)

Mengru Yao

Corresponding Author

Mengru Yao

Abstract

This paper uses the event study method to study the performance of Aiko solar before and after backdoor listing by taking the announcement date of backdoor listing as the event date. The results show that: on the event day, the excess return rate and cumulative abnormal return rate of Aiko solar surged to 5.1796% and 19.9009%, and the backdoor listing made the shareholders obtain additional income, and the shareholders' wealth increased significantly. However, we need to pay attention to the following: enterprises should choose the right way of listing; choose a reasonable shell company; improve the ability of sustainable development.

Keywords

Backdoor listing, event study, financial performance, cumulative abnormal return