Research On The Cost And Income Of The Securities Company's Backdoor Listing

Due to the rapid development of capital markets,many kinds of corporate financing out of the group.As an important way of financing,listed is a matter of great concern.And as a way of listing which could bypass massive IPO's check procedure,Backdoor Listing can be seen another easier way for who can't satisfy the IPO conditions.By means of the Backdoor Listing,it can promote the securities companies to break through the financing constraints and broaden the financing channels of the enterprises.This article is entirely based on the 10 securities companies in China's A-share market that have successfully listed through the backdoor market.As a research object,the relevant concepts are defined first.Then according to the backdoor listing plans of the10 securities companies' difference,divided into three categories,elaborated on their steps,and described the costs and benefits of all parties from the original large shareholders,non-tradable shares and tradable shareholders,securities companies and their shareholders of the shell company.Then choose the securities company and its original Shareholders as the main quantitative analysis objects,established a simple cost-benefit model.Based on the average cost rate and average rate of return of each model,the cost and return under the three models are compared and analyzed,aiming at a more comprehensive listing of backdoors.Understanding and then comprehensively analyzing the advantages and disadvantages of backdoor listing,providing a theoretical basis for securities companies to choose their listing methods,shell resources,and backdoor models,and improving the corporate governance structure,optimizing industry resource allocation,and avoiding the risk of backdoor failure,so that this article has important guiding significance.And from the proposed backdoor company itself,and government supervision and policies,it also proposes suggestions for the smooth implementation of backdoor listing and promotion of sound development of China's capital market.Especially,in combination with the characteristics of China that are in a special period of transition to the registration system,responsible for the impact of the registration system reform on China's backdoor listing transactions,and put forward substantive proposals for the focus of supervision during the reform process,so as to promote the comprehensive deepening of China's financial industry reform,accelerate the establishment of a more robust financial market system,and promote China's Healthy and sustainable economic development.