Research On The Financial Risk Of Backdoor Listing Of Private Enterprises

Private enterprises from the early eighties of last century a small workshop step by step along with the reform and opening up,the pace of market economy grew into a business,from "a useful complement to national economy" growth "an important part of China's socialist market economy." On the one hand,the growth of the private economy has prospered the market economy of our country and at the same time,it has provided a solid foundation for the virtuous circle development of the market economy and added fresh vitality.The development of the private economy is directly related to the stability and sustainability of economic development.To expand the financing channels and expand the scale of capital operation is the key link of sustainable economic development.On the other hand,private-owned enterprises have been the mainstay of China's backdoor listing boom.Following the successful listing of "three direct links",SF Express announced that it has landed on A-share capital market with Dingtai New Materials.At this point,the "China Express first unit " battle.Although the number of listed private-owned enterprises is increasing year by year,due to factors such as asymmetric information,black-box operations and insider trading,the risk conditions are still not optimistic.Any one of the aspects may result in a loss of the entire backdoor listing.Therefore,this paper studies the financial risks and control measures of privately owned enterprises in the process of backdoor listing by taking the example of SFL's new listing of backstage Dingtai,in order to provide a reference for private enterprises to effectively avoid the risk of backdoor listing,so as to make the private economy based on Undefeated market economy with Chinese characteristics.This article is divided into seven chapters: Chapter One Introduction.The second chapter defines clearly related concepts and elaborates on two basic theories.The third chapter introduces the general situation of private-owned listed companies,classifies the financial risks of backdoor listing and analyzes the necessity of preventing the financial risks of backdoor listing.The fourth chapter introduces the background,transaction plan and process of SF's backdoor listing,and analyzes the motivation of backdoor listing.Based on the recognition of backdoor listing financial risks,the fifth chapter analyzes the financial risks in each stage of listing and evaluates the risks.The sixth chapter puts forward the precautionary countermeasure of risk based on the analysis of the causes of the financial risk of the backdoor listing.The seventh part is the conclusion and research prospect of the full text.The main innovations of this paper lie in: First,based on the existing research results at home and abroad,and summarize the existing achievements.Since many relevant literature in our country are focused on the ways,motivations and performance of companies going backdoor listing,seldom related to the risk of backdoor listing,the idea of backdoor listing in western developed capitalism market is not related to China's special national conditions and economic system Fully fit,so the analysis of this article based on previous studies based on our existing economic environment and laws and regulations.Secondly,take the combination of qualitative analysis and quantitative analysis of research methods,select the typical case of the latest case of Shun Feng Holdings backdoor Dingtai new material,in the specific case analysis section,risk management theory runs through them,not only introduced the background of the backdoor companies And the backdoor listing process,but also discusses in detail the different stages of the financial risk in the backdoor process,and take the corresponding risk control measures for the risk.Finally,the risk prevention measures formulated by the in-depth analysis of the financial risk in this case not only adapt to SFHK backdoor listing,but also have some reference for private enterprises that choose to backdoor listing later.This article still has some shortcomings: First of all,this article selects a single case of SF Holdings for research and analysis.Due to the particularity of the transaction context and transaction conditions,conclusions and revelations drawn from this case may not all apply to the proposed borrowed shell Listed private enterprises.Second,the analysis of the case based on public company announcements,financial statements and prospectuses,the data and information may not be based on the full range of the same time,the backdoor listing of SF involved in other asset restructuring issues,such as stripping bad assets Without analysis,the conclusion is inevitably not comprehensive,which is the focus of this article in the future research.