The Selection Approach of Candidate Listed Companies for Backdoor Listing from the Viewpoints of the Business Model

• Main Authors: MA, HUNG-CHUN, 馬洪鈞
• Other Authors: LEE, CHUNG-CHENG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/8an8fb

碩士 === 朝陽科技大學 === 企業管理系 === 106 === Abstract Due to some cases of “backdoor listing”, most of them are hostile takeover, and then hollow out the assets of these companies via proxy fight. Capital investors tend to view the "backdoor listing" in a negative image. This study had described the negative issues of backdoor listing by three cases. Based on this, we have tried to find the way to reverse the negative impression of “backdoor listing”, as the research motivation of this research. We have followed the idea of “Moneyball” by Michael Lewis (2003) about how to select and train the under-valued MLB players with the appropriate process to let these players becoming rising stars. We also has adopted the rules for IPO in NEEQ (National Equities Exchange and Quotations) that do not have to provide financial evaluation results, just providing some financial indicators to demonstrate these NEEQ-listed companies which could survive (operate) well. Thus, these financial indicators could be the key indices for us to choose the under-valued listed companies for “backdoor listing”. Furthermore, we tried to divide these financial ratios into 9 groups that follow the 9 components for constructing the business model which were developed by Osterwalder and Pigneur (2012); that is, we could use these 9 different kinds of financial ratios to make a complete diagnosis for these under-valued listed companies to choose the targets for “backdoor listing” to restoration these listed companies. In this research, we had adopted 6 cases to demonstrate our approach about choosing the under-valued listing companies as the target for “backdoor listing”. Our approach can also be used as a punishment for managers who do not seriously operate the company, allowing new management teams to recreate corporate value.