The Nature Of Property Rights, Diversification And The Shell Resources

In recent years, the backdoor listing happened in our capital market just like a raging fire, especially since 2007.However, in 2013, China Securities Regulatory Commission published “On the strict implementation of the notification about IPO standards in the backdoor listing reviewing”, it improved the backdoor listing threshold, and it proposed that backdoor listing would be equivalent to IPO. After that, the Third Plenary Session of the CPC eighteen proposed the implementation of stock issue registration system. Therefore, under the dual environment of the growing backdoor listing and increasingly stringent review standards, study fashionable characteristics of shell resources can reduce Non-listed companies’ time and costs, increase the probabilities of the backdoor success, and have a positive theoretical and practical value to the effective allocation of the resources of the capital market.Therefore, this paper takes 2002-2014 in the two exchanges in Shanghai and Shenzhen 156 successfully backdoor listing companies as samples for empirical research. At the same time, takes the same profitability, industry and the same year as the standard to pick the matched companies, finally obtains 312 sample firms. Using Logistic regression to explore the relationship between property rights and the experience of diversification of shell companies with the probability of being backdoor. The results show that property rights of the company and diversification influence the listing companies become the backdoor. In particular, has a certain profit ability, has not yet been delisted, the proportion of independent directors is small, the management is stable, the asset is small and high leverage diversified companies, especially private enterprises are easy to achieve backdoor success.