| dc.description.abstract | Most corporates adopt the traditional method of IPO (Initial Public Offering) for the purpose of gaining the qualification of a listed company and the capital from the general public. In the last 20 years, more than 30 listed companies′ rights of management were obtained through the construction company and to be categorized as building materials and construction. To trace the origin and the root cause, the occurrence of the Asian Financial Crisis in 1997 significantly diminished the economic development in the Asian region; Taiwan also coped with the financial shock, which led to quite a few corporates in the building material and construction industry closing their business due to excessive financial leverage; for the purpose to well build the capital market and to secure investors′ privilege, the competent authority gradually set up the relatively higher threshold for particularly the building materials and the construction industry, the building materials and the construction industry has to look for some other could alternatives when the required conditions bearing even more restriction, and also derived the route of ＂Backdoor Listing.＂
The corporate J, in the case study, applied the mode of ＂Backdoor Listing.＂ and proceeded with a transaction with corporate Z. We adopt the case study to participate and observe the process of the meeting of both corporates, to get to know better the operation conditions for both corporates, the motivation of the transaction, and the orientation of transaction; later on when the corporate J was undergoing the process of examination to targeting objective of ＂Backdoor Listing＂ and in the process of negotiation and integration; the final result of the case is a failure due to the company founder changed the idea.
Through the result of the case study and the understanding and control over the leader′s background and the way of thinking, to analyze the root cause of the failure of ＂Backdoor Listing.＂ And to make the conclusion and suggestion as to the reference for the domestic corporates who intend to apply for the ＂Backdoor Listing.＂ Hopefully, a deeper realization will be obtained on the development strategy in the future and sustainable development and business running. | en_US |