Research On Curve Shell Loading Model And Supervision Problem

For enterprises to enter the market,backdoor listing is a particular method,which is favored by all parties in the market.With the continuous development of the capital market,various kinds of curvilinear backdoor behaviors to avoid regulation emerge successively.Faced with the continuous innovation of curve backdoor tricks,Chinese regulatory authorities have also changed their regulatory strategies.The new restructuring regulation introduced in 2016 has made stricter regulations in various aspects,but the phenomenon of curve backdoor is still active in China's capital market.Based on the analysis of the supervision system before the promulgation of the new regulations in China,this paper summarizes two kinds of curve backdoor modes: the change of control rights of listed companies,the transaction scale is less than 100%,and the transaction scale is 100%,the control rights of listed companies are not changed.Because the promulgation of the new regulation of reorganization restricts the first method greatly and does not impose many restrictions on the second method,the second method is gradually sprouting.This paper takes Wingtech which adopts the second method of curve backing as an example to analyze its curve backing mode,and uses event study method to analyze the effect of its curve backing.At the same time,it expounds the supervision problems existing in Wingtech curve backing.Finally,some suggestions are put forward for the supervision system of backdoor listing in China,including signing the Letter of Commitment and making clear norms,improving the recognition criteria of backdoor restructuring,continuing supervision of major asset restructuring,and paying attention to substance in inquiry letters.