A Research On Enterprise's Value Assessment Based On The Backdoor Listing Of SF Holding

The unique market resources in the capital market has been the thing nearly all the enterprises eager for.As the " alternative " of IPO,the backdoor listing's operation mode is keeping evolving in order to meet the market demand.Correspondingly,the regulation is also keeping revised to maintain the market and fight against the speculation check.In 2016,the CSRC promulgated a new regulation,which is called "The most stringent regulation".Value evaluation,as the basis of one transaction,directly affects the success of the transaction.The price of "shell resource" directly influences whether the enterprise can "turn losses into profits" and sell the "bad assets" or not.And the index of the company which is searching for being listed is the best proof of its operation performance.It directly affects the financial index and the social public's expectation.And the impact on the operation is also profound.Based on the analysis of recent years' policy,the thesis interprets "The most stringent regulation".Then it selects the backdoor listing case of the SF holding,which occurred around the time when the new regulation was published,using the annual data to assess the enterprise's value so as to verify the valuation is whether rational or not the under new regulations background.The thesis also focus on the overvalued phenomenon,and improves the application of the value evaluation model in the backdoor listing transaction.The final evaluation of the SF holding's equity is 509.67 billion.Compared with the data of 448 million given by the evaluation institution,there is 61.67 million value-added,and the rate of value-added is 13.77%.Compared with the current book value—205.57 billion,the rate of value-added is 147.93%Through analysis,this thesis holds the view that the price of backdoor trading is reasonable under the new regulatory environment.The introduction of new regulations is still a good signal for the companies which really want to use the backdoor transaction to come into the market.The transaction price will gradually become market-oriented and rationalized.A new round of the value assessment will appear in the capital market.