An Analysis Of The Risk Control And Performance At Backdoor Listings On ZheShang Group

Backdoor listing turn to an advanced form of capital operation phenomenon with the generation and development of securities market when the market economy develops to a certain stage.It is a form of the operation mode which could make the enterprises to achieve the long-term development goals by using the mode operation beyond the traditional.It is also good opportunity for establishing a modern enterprise system with continuous low-cost,large-scale financing facilities.Because of the high standard of IPO and numerous privileges of the listed company,backdoor listing owns lower cost and higher success rate compared with IPO,which makes the backdoor listing becomes the preferred shortcut of the listed company.The great amount of the non-listed companies opened up the capital market financing channel by backdoor listing.The backdoor listing has also optimized the allocation of resources and promoted the development of China's securities market.However,because of information asymmetry,manipulation and insider trading,there are lots of legal risks in backdoor listing,it is also a high-risk work.few scholars has discussed the risk of the backdoor listing,which set aside space for the creation of this article.The backdoor listing theory of scholars is built on the Western mainstream M & A and its theoretical.However,as China's special system,the applications of mainstream theory will have some limitations.As a result,the scholars pay great attention to the analysis of the risk factor and corresponding risk control measures on each stage combining the unique environment for backdoor listing in China.This article takes ZheShang Group as the example to analyze the risk of backdoor listing on each stage.It introduces the content,risk control and relevant theoretical basis of the backdoor listing.In the part of specific case study,it analyzes risk and its control by using the qualitative analysis method.The first chapter introduces the meaning and background,the literature review and research-related ideas and methods.The second chapter is the related theories of risk control and performance on the backdoor listing.Firstly the content of backdoor listing and its control is introduced.Secondly,it analyzes the risk which often appeared in the process of backdoor listing in the capital market.Finally,some relevant theories about backdoor listing are introduced.The third chapter analyzes the basic situation of the backdoor listing of ZheShang Group.First,it introduces the background of the company and describes the risk of group on each stage.At last,it analyzes the measures that taken effectively on risk prevention and control.The fourth chapter selects the data from the financial statement of ZheShang Group from 2008 to 2014 in order to analyze the financial effects of backdoor listing.The analysis of the financial performance including the Profitability,the solvency,the operational capacity and so on.Then,the article analyzes the comprehensive effect of backdoor listing for the group.The last chapter is the conclusion of the study and related recommendations.On the basis of this article,some implementations of risk control are put forward.Studies have shown that the financial effort of the backdoor listing of ZheShang Group has room for improvement.From the whole the backdoor listing of the ZheShang Group is successful.