Study On The Financial Risk Of Backdoor Listing And Its Prevention Strategy

Capital markets provide greater financing possibilities and financial support for the rapid development of companies,but the high entry of capital markets makes traditional IPO difficult.In this case,backdoor listings offer another option for companies that want to access capital markets to finance.Compared IPO,backdoor listing can enable companies to avoid cumbersome approval procedures and long waiting time,obtain a large amount of funds in a short period of time,on the basis of retaining listing qualifications,make the financial structure of listed companies re-effective reorganization,and then achieve mutual benefit and win-win situation between backdoor and backdoor.However,because backdoor listing involves the major asset restructuring of the two companies,the design of trading scheme and transaction process is more complex,and there are many potential risks.Once the risk occurs,it will not only reduce the efficiency of M & A,but also have a significant impact on the value of the whole transaction.Therefore,the selection of typical cases for targeted research,in-depth analysis of the backdoor listing of the transaction risk,trading process,trading key points and should be taken risk aversion measures,for enterprises that want to enter the capital market through backdoor listing,has a very important reference significance.Based on this,this paper takes the first unit of the public examination---Zhonggong Education as the research object,adopts the case analysis method,from the M & A background,the risk analysis,the transaction flow,the risk control measure aspect,in-depth analysis Zhonggong Education borrows the shell Yaxia automobile listing this case.Analysis results show that backdoor listing has IPO incomparable efficiency advantages,but its transactions usually have shell resource selection,financing,performance gambling,integration of both sides and other risks.Among them,the selection of shell resources is the premise of successfully promoting backdoor listing,and the backdoor listing transaction needs strict due diligence,and the integration mechanism is the key to maximize the profit of listed companies.Based on this situation,the companies that choose the backdoor listing can reduce the transaction risk by scientifically evaluating the value of assets,hiring professional intermediaries,and reasonably designing the gambling agreement,so as to promote the smooth progress of the backdoor listing.This paper is different from the previous research only from the theoretical point of view,lack of practical case-supported research model.Selecting typical cases in the education and training industry,the paper makes a more targeted analysis of the transaction risk and coping strategies of backdoor listing.The conclusion can not only help the relevant companies to reduce the transaction risk effectively in the early stage,but also help the actual transaction process to form a booster effect.This is of great theoretical and practical value for the study of risk and strategy of backdoor listing.