Research On The Issue Of Backdoor Listing By Media Enterprises

Continuously improving the securities market prompted enterprises hope to be able to use the IPO to obtain financing,establish a good corporate image and create advantages brand,so as to obtain better development.As a result,the number of companies that have the desire to go public is on the rise.However,the listing qualifications need to be rigorously controlled and even an IPO "dammed lake" emerges.Thus,a new listing route other than IPO has emerged-a backdoor listing.Especially media companies,the IPO ratio is even harder under the asset ratio and dual regulatory conditions.Therefore,backdoor listing as a supplementary listing method has become a listing plan for many IPO failures.In this environment,the backdoor listing of the rapid increase in the enterprise,the quality varies greatly,so the Commission promulgated the new regulations to strengthen supervision of the backdoor listing,"Listed Companies Major Asset Reorganization Management Measures" introduced to curb the 60% backdoor listing company.In this way,under the continuous improvement of the system,the quality of the shell resources will be even rarer under the circumstance of ever-increasing demand for the strength of backdoor companies.Backdoor listing companies need to demonstrate their strong investment value after the listing is completed and the great potential to grow into good stocks.As a typical light asset and light inventory enterprise,media companies are not only responsible for profitability but also socially responsible.As a result,their asset structure,profitability or the degree of information disclosure are harder to meet the IPO standards.Difficult to form a scale media industry enterprise,financing more difficult,so many media companies choose to backdoor listing,but there are many failed cases.Therefore,on the background of introducing the case theory,this article summarizes the current situation and characteristics of the media companies' backdoor listing and summarizes the existing problems.After the analysis of the city media backdoor listing of the successful case of Qingdao Alkali Industry,from the motivation,performance and other aspects of its successful experience,to provide reference for similar media companies.At the same time,for the existing system,put forward some solutions at the regulatory level for reference.