Study On Financial Fraud And Governance Of Backdoor Listing

In recent years,the capital market is developing quickly.So many enterprises choose to enter the stock market.However,due to the strict requirements of IPO and long waiting period,the backdoor listing gradually becomes a good choice for enterprises to go public smoothly.In recent years,a large number of enterprises have sprung up to achieve the purpose of listing by borrowing shell.However,with the increasing number of backdoor listing,some enterprises have been engaged in financial fraud in the process of backdoor listing in order to quickly enter the securities market,and the packaging of financial information of the company has seriously damaged the market rules and harmed the interests of investors.The phenomenon is also warned us: part of the audit or intermediary service agencies in the audit risk and control on the deficiencies and hidden trouble,so regulatory audit theoretical practice circles should pay more attention to this problem.The CSRC also revised the backdoor listing in the restructuring method in 2016 and 2017,strictly borrowing shell standards,and gradually required the convergence with the IPO.In this paper,combining theory and case,Jiuhao group plans to use the backdoor listing by issuing shares to purchase assets,issuing shares to raise matching funds and major asset replacement.In order to go public,Jiuhao group had a virtual increase of 264897668.7 yuan in service fee income during 2013-2015,and in 2015,it increased the trade income of RMB 574786.32.The fictitious bank deposits 300 million yuan,did not borrow 300 million yuan loan and the bank deposit pledge situation to carry on the disclosure;But in the end it was contained in the information disclosure stage,and failed to go public.This paper analyzes the causes and fraudulent ways of financial fraud in the backdoor listing of Jiuhao group from internal and external factors,and analyzes how to effectively identify financial fraud behaviors of Jiuhao group.Through the study,this paper believes that the corresponding governance countermeasures should be put forward from the corporate level,investors' perspective,intermediaries and regulatory authorities.First,regulators have to strictly regulate backdoor listing rules and regulations,strengthen the professional ethics of intermediary service institutions and personnel education,improve the violation penalties,encourage and asset appraiser for certified public accountants and other professional personnel constantly learning new knowledge,new technology new contact field,for the majority of investors to provide counseling platform;Secondly,intermediary service organizations and personnel such as securities companies and certified public accountants should improve their professional level and comply with market rules;Then,investors should make rational investment,constantly enhance their professional knowledge,not blindly follow the trend;Finally,the enterprises that strive to be listed through backdoor should also learn from the punishment of Jiuhao group: improve the internal governance structure,strengthen the education of enterprise moral culture,and establish the sustainable development view.