Research On The Type Of Backdoor Model In The New Regulatory Environment

The listing of enterprises allows enterprises to achieve further development with the help of the capital market.However,the current IPO threshold is high,the standard is high,and it takes a long time.It is difficult for enterprises to achieve IPO listing.For this reason,backdoor has become the choice of many enterprises.In this context,the capital market has witnessed vicious behaviors such as speculation and internal transactions that harm the capital market,which is not conducive to the development of the capital market.The CSRC attaches great importance to it,and the auditing standards for backdoor listings are becoming stricter.And many companies try to "receive the shell" to achieve the purpose of listing.In 2016,the “Measures for the Management of Major Assets Restructuring of Listed Companies” was promulgated,focusing on rectifying short-term speculative,blind cross-border and deliberately avoiding “backdoor” reorganizations such as backdoors,such as the clear definition of control rights.However,some of the companies in the case of backdoor listing did not meet the criteria for determining the backdoor New Deal,so that the backdoor identification standard could not fully play its role.The content of this paper,the first part is the research background,significance,ideas and methods.It also explains the innovation points and problems of the research.The second part is a review of the literature,focusing on the research on restructuring motivation,risk and backdoor listing supervision.This paper mainly introduces the supervision of China's backdoor listing and analyzes the contents of the backdoor of the New Year's War in 2016.The fourth part introduces the trading background and basic situation of the listed companies involved in the restructuring case and the underlying assets.The fifth part analyzes the Nantong forging During the two-year reorganization of the New Deal,the two reorganizations were compared.The two reorganizations were compared and the risks were analyzed.It was found that Nantong Forging passed the many designs for maintaining control stability,and eventually the results were overdue;The sixth part summarizes and summarizes the case,trying to forge Nantong,and tries to make recommendations on the existing backdoor listing criteria and cross-border mergers and acquisitions.