The Study Of The Back-door Listing Pattern Under The Background Of The Certification Standard Of New Policy

Listing of a company is the product of the economy,the market and the development of the enterprise itself.It is a wise choice to integrate into the capital market to seek better development.In our country,the main ways of enterprise listing are IPO and back-door listing.The former belongs to direct listing ways and the latter belongs to indirect listing ways.The current censorship system in China is the approval system.Under the premise of the approval system,the choice of IPO will face the problems of long queuing time and strict censorship.Under the background that IPO's high threshold and strict demand do not match with the needs of enterprises for their own development,many enterprises choose to get goal in roundabout way and achieve the listing through the shortcut of back-door listing.But in a period of time,the development of this kind of phenomenon intensified,resulting in the shell company resources of capital market excessive speculation,triggering a series of shell company value inflated,insider trading and other damage to the capital market vicious behavior,it's undoubtedly contrary to the healthy development of the capital market,this kind of behavior has caused enough attention to the China Securities Regulatory Commission,the back-door listing of the censorship standards change from "convergence" to "equal " from 2011 to 2013.In this context,many enterprises tried to find some other ways to avoid to be defined as back-door listing through the ingenious design,but also achieve the purpose of listing.In view of this situation,"major asset restructuring of listed companies management approach" was released in September 2016 to prohibiting multiple ways to get the aim of listing but which are avoid to be defined as back-door listing,but there are also some new pattern of them happened.This article will take the new policy of back-door listing as the background,take the case of Nanyang Technology back-door listing plan after the implementation of the new deal to analyze its back-door listing mode,and put forward some suggestions for improvement of the existing censorships.This paper is divided into five chapters,the first chapter expounds the research background and significance of the research,listing the research ideas and research methods,the structure arrangement and innovation and deficiencies;the second chapter combs the related literature,including domestic literature and foreign literature research on the back-door listing;the third chapter describes the developing of the certification standard of back-door listing;the fourth chapter will take the Nanyang Technology as the case and analysis the design and pattern of its asset restructuring and the reason for its success;the fifth chapter summarized the case and the article to give some suggestions to the existing certification standards of back-door listing,the appraisal of assets and recognition of goodwill.