企业借壳上市路径选择的策略研究

There are two ways for listed enterprise, one is a general way to go public －IPO, and another is a special way to go public－ backdoor listing. As an important reflect of information quality, enterprises implement different earnings management means they would have different effect on the future performance of enterprises before and after go public. According to the traditional concept, backdoor listed enterprises are not as good as those issued by IPO in terms of profitability and information quality, only those enterprises that cannot be listed through normal channel will choose backdoor listing. In view of the fact that few companies have completed backdoor listing before 2011, we select relevant data of Chinese listed companies of 2011－2015 to ensure that all the sample listed companies have completed backdoor listing procedures and issued the announcement of asset restructuring. Compared with the direct listed companies, investors and market take a dim view of the reverse merges’ future performance. The result shows that it is difficult for regulators and investors to identify the earnings management behavior of before and after the shell. Compared with the direct listed companies, investors and market take a dim view of the reverse merges’ future performance. The overall results show the earning quality of reverse merges before go public is higher than that after go public. In addition, the earning quality of IPOS is higher than that of reverse merges from earning management perspective.