Research On Financing Risk Of Backdoor Listing Of Private Express Enterprises

The domestic economy is developing rapidly.In order to expand the scale of enterprises and improve the position of companies in the market,more and more enterprises seek to enter the capital market to raise capital,however,an IPO of an enterprise needs to be listed in accordance with the laws and regulations of the relevant departments,and it also needs to submit an application for listing to the Securities Administration Department.After being examined by the Securities Administration Department and meeting the conditions for listing,only then can the company issue certain social public stock to carry out the listing in the stock market.The Backdoor listing is faster and easier to operate than an IPO,and the measures on the management of material assets reorganization of listed companies,which have been issued,have redefined the current rules and regulations,causing most companies to suspend their listing plans,the main reason for this is that Backdoor listing,while simple and easy to use,carries many risks.Starting from the definition of financing risk,based on MM theory and financing priority theory,this paper expounds the financing risk in the process of enterprise Backdoor listing,by introducing the basic information of both sides of Backdoor listing,Dingtai Xincai and the process of Backdoor listing,the factors that affect the financing risk are divided into creditor’s rights financing risk,equity financing risk and operation risk,using the Z-score model and the comparative analysis method,this paper analyzes the debt financing risk and the operational risk respectively,and compares the change trend of the financing risk before and after the Backdoor listing,and some indexes of the whole industry Backdoor listing,vertical and horizontal two dimensions analyze the influence of backdoor listing on the financing risk of SF holding.In the end,this paper puts forward some suggestions to prevent,control and optimize the financing risk of Backdoor listing,that is,optimize the financing structure,improve the ability of debt structure management,reduce the long-term debt appropriately,issue stocks reasonably,improve the profitability,increase market share.In order to help private express companies Backdoor listing,they should ensure the earmarking of funds,formulate early warning measures for credit risks in advance,and ensure the reasonable legitimacy of the source of funds and regulate the lending process.And for the vast number of private express companies that want to go through the Backdoor listing,they should pay attention to acquiring control rights with various substitutions,improving the credit rating of the enterprises,recognizing the current market situation,and reasonably planning the scale and structure of enterprise financing,and the development of a reasonable governance structure and equity structure.