Research On The Risk Of Private Enterprises On Backdoor Listing Of China

In recent years,with the development of new e-business enterprises and the rise of electronic payment,China's express delivery industry has gradually become a pillar industry in China.According to the statistics of relevant departments in China,the business volume of China's express delivery industry has increased by more than 13 times in a short period of several years,from only 2.3 billion pieces in 2010 to 31.28 billion pieces in 2016,which has enabled China to climb to the top of the world's express delivery business.Although China's express delivery industry is in a favorable environment of rapid development,the threat it faces cannot be ignored.Lack of funds has become an urgent problem to be solved in the transformation and upgrading of express enterprises.At the same time,the state issued a document focusing on cultivating and strengthening express delivery enterprises and encouraging all kinds of capital to enter the express delivery sector in accordance with the law.Compared with IPO,backdoor listing,as a beneficial supplement to landing in the capital market,has the advantages of short time,quick listing and less restrictions,which has a significant positive impact on the financial performance of backdoor parties.However,there are also risks such as "frying" and adverse subsequent integration.If not controlled,the failure of backdoor listing will affect the development of enterprises and the stability of capital market.Related to this,in September 2016,the Revision of the Measures for the Management of Major Assets Reorganization of Listed Companies was completed,which was officially issued as "the most stringent new regulations on borrowing cases in history".The continuous tightening of the regulatory system does not mean that backdoor listing is about to die out on capital listing.On the contrary,the continuous improvement of the regulatory system is only limited to curb improper "stock speculation",which plays a good role in regulating normal and high-quality backdoor listing.Further more,due to its particularity and complexity,backdoor listing has many difficulties in accounting treatment,while the relevant accounting standards in China are not clearly defined and different from international accounting standards.This isseriously inconsistent with the development of global economy and the convergence between China's accounting standards and international accounting standards.Taking the backdoor listing of SF Express as a case,this paper first introduces the definition of relevant concepts and theoretical research based on backdoor listing.Secondly,through the introduction of the reasons,process and changes after the backdoor listing of SF Express,it is concluded that the backdoor listing has obvious positive effects on SF Express but it also has risks that can not be ignored.Thirdly,on the basis of discussing the reasons for the risk of the backdoor listing of SF Express,including the lack of risk control at the level of the backdoor enterprise and the related system defects in China,on the one hand,the theoretical basis is hierarchical holographic modeling.On the other hand,by studying the changes of our country's regulatory system and accounting treatment standard and the current model,the paper summarizes the shortcomings of our country in these two aspects.And compare the domestic and foreign backdoor listing related system norms to get the corresponding enlightenment;Finally,based on the above research,from the perspective of enterprise level and supervision level,this paper puts forward some suggestions to further improve the risk control,supervision system and accounting treatment standard of backdoor listing,which may provide some reference for the regulatory authorities and later scholars.And to contribute a little bit to the further research.