Research On Risk And Countermeasures Of SF Holding Back Door Listing

With the development of the domestic economy in recent years,more and more enterprises are beginning turn themselves into listed companies to widening the financing channels for business expansion demand and financial pressure.The backdoor listing as an another way to go on the market out of the IPO.It is helpful for the enterprises to speed up the process of listing and reduce the difficulty of operation;in addition,a larger scale of financing can also be obtained at lower operating costs,so as to improve the modern enterprise system and expand its scale.Due to the strict auditing system of IPO,long queuing time and favorable conditions for the company after listing,The cost of backdoor listing is lower,the operation difficulty is lower,and the success rate is higher.The best another choice for a new enterprise to go on the market.In 2016,“the most stringent regulations of reorganization of the company" in history put many companies' backdoor listing plans blocked or even shelved for a long time.However,enterprises have a lot of risk in the backdoor listing process,there are negative factors such as information asymmetry,black box operation and insider trading,any part of the slightest mistake are likely to make the whole backdoor listing work not completed.So regulators have stepped up regulation of the increasingly popular backdoor listing in recent years.Because the domestic market situation and the economic system are different from the overseas securities market,the research on the western backdoor listing can not be applied to the actual situation of the domestic backdoor listing.In recent years,research on backdoor listing is aiming at the way,motivation,performance,value evaluation of shell resources and so on.There are few studies on the risk of the backdoor listing.The research of risk is to analyze the causes and control of risks.This paper studies the case of SF holdings borrow shell Dingtai to listing and analyzes the risk of the loan backdoor listing of SF holdings.Through the analysis of the risk theory and the theory of the backdoor listing,it systematically locates the related risk of the backdoor listing.In this paper,the operation process of the loan of SF borrowing shell is expounded,and the risk is found out in detail,and the risk points and causes are compared with the related data of other enterprises in the same industry by comparing with the financial data before and after the listing of the borrowings in SF.And the corresponding risk coping strategies,or will provide some references for later scholars.The actual situation of enterprises and theoperation of backdoor listing decide the risks faced by enterprises.The risk of backdoor listing for backdoor operation is different,the risks are either this or that.Enterprises should combine the risk preferences of their own situations to determine the operation of backdoor listing.