Research On The Governance Of Backdoor Listing Fraud From The Perspective Of Supervision

With the rapid development of China’s economy,backdoor listing has become an important way for enterprises to enter the capital market due to its advantages of short audit time and high success rate,and is strongly pursued by small and medium-sized enterprises.As the "gatekeeper" in the capital market,the regulatory authorities have introduced a series of regulatory policies for backdoor listing,but there are still problems such as insufficient regulatory resources and unclear rights and responsibilities of the subject,thus reducing the credibility of government supervision and disrupting the order of the capital market.Therefore,it is of great practical significance to explore the supervision of fraud in backdoor listing.From the perspective of supervision,the paper first analyzes the backdoor listing the current situation of the supervision mechanism for fraud,again in nine good group as a case study,through combing group means of fraud and the difficulties of government regulation,backdoor listings found nine good group of regulatory issues,mainly manifested in the following three aspects:(1)prior audit supervision system is inadequate,incomplete channels including audit,audit evaluation standard is not perfect,especially for the fairness of the assets appraisal result judgment does not reach the designated position.(2)the law enforcement efficiency of investigation and supervision in the case is low,including the lack of regulatory resources,the multi-headed management of the regulatory process,the unreasonable division of labor among the appointed personnel,the long time for the case investigation,and the lack of transparency of law enforcement information.(3)the timeliness and force of the punishment after the event are insufficient,including the delay in the punishment of the fraud subject and the lack of deterrent effect.On this basis,it analyzes the reasons for the weak supervision of fraud,mainly including the formalism of auditing and supervision,the high cost ofsupervision and law enforcement,the lack of professionalism of the regulatory agencies,the inadequate supervision of insider trading,and the internal governance disorder of the backdoor parties.Finally,the article also puts forward the regulation under Angle of view to the backdoor listing of fraud measures: first,improve the regulatory audit system,the optimization of backdoor listings censorship,asset pricing mechanism.Second,improve the efficiency of supervision and law enforcement,that is,improve the connection between supervision and issuance and filing,and clarify the regulations on information disclosure and disclosure.Third,enhance the intensity of punishment after the event,that is,increase the cost of violation,improve the compensation mechanism for accountability.Fourth,improve the regulatory exchange mechanism,that is,establish a good faith disclosure mechanism,improve the informed reporting system.Fifth,optimize the allocation of regulatory resources,that is,strengthen the construction of regulatory team,increase the investment of regulatory funds.