Research On The Risk Of The Shell Companies In Backdoor Listing

With the deepening of the globalization economic,our country has deepened the reform of enterprises and upgraded the industrial distribution ceaselessly,the rapid development of the economy has promoted the growth of the securities market and the listed companies continuously increased.In recent years,the economic situation has been changing constantly at home and abroad.What made the increased competition between all industries in the market economy is a lower economy.Listed companies are also facing serious changes,such as the company's risk of sustainable management from the increased competition.Many private listed companies got into trouble in the intense competition because of the subjective or objective factors,facing the challenge of declining performance and getting stressed out.In the meantime,the delisting standards of the listed companies are too strict to operate,they can not easily delisting,then the owner of enterprises will let themselves stay above water through the trading mode of asset reorganization,they transfer their listing qualification to unlisted companies through the property operating to reborn,this reorganization is called the back-door listing,and the company which wait for transfer their own listing qualification referred to as the shell company..In recent years,the backdoor listing is still in full swing,the listed companies to show the shell is also a blowout,although the Commission issued some new guidelines to rectify the backdoor market,but the system is still not perfect,there are still many listed private enterprises waiting for backdoor,For such a scarcity of resources listed companies,this reorganization of assets is a positive way to change the company's current situation,to help the shell company to improve the existing bad management structure,but at the same time,the reorganization of the Shell companies are not just good behavior,there is also a certain risk when the shell,not in time to avoid these risks for the shell company may be worse,on their own far-reaching negative impact.The main research method in this article is literature research method,based on the case of Sunldt that the private listed company transfer the shell to Xiangyunfeilong,the two companies of the case both are private enterprise.Sunldt as the industry has a large export of high-end water heater company,the case of the shell Company,this time with the clouds of dragon reorganization failed to cause no small impact.Therefore,this article through the domestic and foreign companies on the reorganization of the company's risk of reorganization of the relevant literature to sort out,and based on the restructuring of the basic theory of shell companies to conduct research and analysis,summed up the private enterprise shell shell shell and the shell of the risk of the source and Recognition;combined with the case of St.Leda was backdoor case,described the cause of the shell,the process and the results,focusing on the analysis of the shell reorganization of the shell company Sunldt exist risk,respectively,The risks of the two aspects of the risk assessment of the shell before the shell,the risk of the two aspects of the disclosure of information and the risk of the re-financing and delisting of the shell,and the reasons for the formation of these risks;And then from the three stages of the shell were given to avoid the risk of the proposed,which let the preparation of the shell before the stage,from how to choose the backdoor side of the analysis;let shell process,Saint-Leda as actively seeking reorganization of the shell company,how to ensure the smooth progress of the shell process;let shell failure,how to deal with the St.Leda deal with the impact of the transaction.These recommendations not only for the shell companies in the case,but also for the other shell companies,when they transfer their listing qualification,they can treat the case cautiously and avoid these risks.It can help shell companies to improve the success rate of reorganization.Many domestic and international research on the shell companies related to whether the case brought good effect,and the research about the risks are aimed at the backdoor companies.The research about the risk of shell companies has yet to be studied further.Therefore,on the one hand there are still many unlisted private enterprises waiting for the backdoor,backdoor listing is still a boom;the other is the academic community for the private shell company was backdoor case study to be in-depth,which for this study The innovation point of this article is on the side of shell company,to analyze the risk of the shell company risk and give the advice to evade risk.