Motivation And Related Issues Analysis On Enterprises Backdoor Listing The New Third Board

No capital market, no market economy. For the successful transformation of the market economy, China develop the capital market vigorously since 2003:improve the structure of multi-level capital market and expand the proportion of direct financing market. Under this background, the "New Three Board" came into being, shouldering the mission of improving the multilayer structure of capital market and financing services for SMEs. December 2013 the "New Three Board" allow SMEs in the word to list, which ushered in the rapid development stage. As of December 31, 2015,5129 SMEs have been listed on the "New Three Board'. According to statistics, an average rate of 300 per month of listing in 2015, the average review time for each project is 6 months, showing its fast speed and audit listed speed. But in such a smooth registration and audit system, there is still no shortage of backdoor cases appear, and has backdoor cases has been officially recognized.For various reasons, market hype the New Three Board "shell". Owing to its own history, ownership is not clear, environmental issues and so on, companies want to seize the opportunity to "backdoor" and "landing" New Three Board and achieve regulatory arbitrage. "New Three Board" regulators do not encourage the behavior of backdoor listing, and have made states clearly:backdoor access must also meet the basic conditions set; the review process is smooth and no queues; landing three new board don't need "backdoor". Subsequent backdoor case also proved the regulators' prudent attitude to backdoor case:scrutiny is stringent than the direct listing, review time is no different with the direct listing. Still, there are many companies adhere to backdoor listing. In order to understand the reasons and the operation related issues for the backdoor listing "New Three Board", this thesis selects the backdoor cases currently recognized by the authority and analyze its backdoor listing agent and the actual during operation of the relevant issues in the methods of normative research and case study, to providing backdoor reference value for the subsequent follow-up case.