Research On Asset Restructuring Of Shell Companies

China's securities started late,the relevant operating mechanism is not mature and perfect,resulting in a variety of chaos in the securities market.A group of shell companies with no substantive business activities or poor business conditions should not retreat,but use shell resources for speculation,disrupting the normal order of the securities market.For shell companies,asset restructuring is an important means for them to maintain the existence of shell companies and realize profits by selling shell companies.It is also their main business activities.According to relevant data,by the year of 2015 before the new backdoor listing rules were issued in 2016,there were 63 asset restructuring cases initiated or participated by shell companies,accounting for about 20% of the total number of asset restructuring cases of listed companies in the whole year.What are the characteristics of shell companies,what are their operating conditions,what are the characteristics of their asset restructuring,and how to restrain bad phenomena? These problems are of great significance for regulating the order of the securities market.To this end,this paper from five parts to carry out research.Part one:introduction of research background,research significance,research contents and research methods;The second part: the definition and overview of shell companies,asset restructuring and related concepts,and introduces the research status of related fields at home and abroad;The third part: discusses the background of the formation of shell companies,the motivation of shell companies to carry out asset restructuring,its operation mode,etc.The fourth part: empirical research method is adopted to study the eight asset reorganization of shell companies WHWH from 2008 to 2018.The analysis is carried out from the perspectives of the operation situation,shell protection means,restructuring motivation,counterparty,success or failure reasons,etc.Part v: summarize and evaluate the asset reorganization behavior of shell companies,and from the perspective of regulators,put forward Suggestions for regulating the asset reorganization of shell companies.The followingconclusions are obtained: 1)shell companies have low management level and become the means of controlling people's interests under certain conditions;2)there is speculation;3)false reorganization,blind reorganization and some other phenomena and irregularities exist in the asset reorganization of shell companies;4)the asset restructuring of shell companies is likely to give rise to the re-emergence of shell companies.In this regard,this paper puts forward the following Suggestions: 1)enrich the delisting index,strictly implement the delisting system,and crack down on shell protection behavior;2)strengthen the legal supervision over the behaviors of the actual controllers of listed companies,introduce the joint punishment mechanism for broken promises,and urge listed companies and their holding companies to optimize internal governance;3)strictly examine and approve the assets reorganization of listed companies,"get to the root of the matter";4)dredge the IPO approval channel to eliminate the market's pursuit of "shell resources".