Research On The Risks And Control Of "quasi-shell" Listing In The Context Of Cultural Industr

With the reform of our cultural industry system,active policies are enacted,the share of cultural industries in GDP is increasing,resulting in the continuous influx of capital into the cultural industry.However,the lagging regulatory policies and the gaps between the policies led some enterprises to bypass the red line standards of IPO and backdoor listing,and successfully landed in the way of class backdoor mode.At the same time,when these enterprises in the asset light,high-risk characteristics of the cultural industry,the risk will face more complex,the company’s risk response to the industry is more intense.Therefore,we should identify and control the risks of companies which landed in the way of class backdoor mode in the cultural industry.The existing studies on class backdoor mode mainly focus on the impact of the old and new Administrative Measures on the listing of enterprises,the regulatory issues in the process of class backdoor mode,the impact on the performance of backdoor like backdoor,and the analysis and research on specific cases of class backdoor mode,lack the research on risk identification and risk control related to class backdoor mode.Based on the theory of risk and income,this paper takes Cultural Investment Holdings Co,Ltd as an example to study the risk,financial performance index and market performance,and how to control and prevent the existing risks.This paper finds that there are risks of inflated profits and excessive pursuit of short-term interests,valuation premium risk caused by star IP securitization,sharp decline in goodwill impairment performance and so on.The risk of class backdoor mode is the risk of equity pledge caused by regulatory arbitrage and the risk of continuous hollowing out by shareholders.Through further research,it is found that the class backdoor mode superposition of the listing risk of cultural industry will lead to more violent fluctuation of the risk and lower defenses to the systematic risk of cultural industry.In terms of risk control,the risk of performance commitment shall promote the setting of conditions in line with the actual development of the industry by the enterprise,and a part of space shall be reserved for the risk;institutional constraints shall be imposed on the subject matter with high premium and high valuation;information disclosure shall be made in a timely manner on the impairment of goodwill and other issues;in the case of regulatory arbitrage class backdoor mode,strict review shall be conducted,and a multiple mechanism for prevention in advance and strengthening regulation afterwards shall be established.The research value of this paper lies in revealing the risks faced by the culture industry enterprises after the class,and the economic consequences and market reaction caused by the risks.It is found that class backdoor listing,in fact,is a kind of regulatory arbitrage,which aggravates the possibility of risk outbreak in high-risk industries,which will not only lead to business problems,but also affect the industry.Through the research of this paper,we can identify the risk in the backdoor,which could give some enlightenment to regulators,investors,and managers of enterprises.