四川大学硕士学位论文
论文第一章绪论首先对论文研究背景和意义进行阐述。然后运用文献调查
法分析前面学者对于企业借壳上市风险管控的研究现状，并对目前研究现状做
简要文献综评。最后提出论文的研究思路、研究方法、创新点及不足之处。论
文第二章首先界定相关概念，其次阐述论文运用的相关基础理论。论文第三章
为案例介绍，包括交易双方企业基本情况、交易动因及交易过程。论文第四章
基于案例介绍将中公教育借壳亚夏汽车这一交易过程分为准备阶段、实施阶段
和整合阶段，分别详细分析各阶段所面临的风险及采取的相关风险管控措施。
最后以中公教育借壳上市前后财务和非财务指标对比分析，评估中公教育借壳
上市后融资和持续经营能力，以此对中公教育此次交易中风险管控成效进行评
价，总结企业在借壳上市中的风险管控经验。论文第五章是总结。
论文通过研究对企业借壳上市风险管控做以下总结：借壳上市面临的风险
具有多样性，借壳上市前应充分考察壳资源质量，选择靠谱的专业中介机构，
设计与之相匹配的借壳方案，借壳上市完成后亦保持忧患意识，企业发展战略
紧跟国家发展战略。
关键字：借壳上市风险管控中公教育
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四川大学硕士学位论文
The Research on Risk Control of Corporate
Backdoor Listing: A Case Study of Zhonggong
Education Backdoor Asahi Automobile
Major：Finance
Postgraduate：Jiangqingying
Supervisor：Dengchangchun
Abstract： The development of modern enterprises to a certain extent will
affect the expansion of business scale because of the single financing channel. The
most effective way to expand the financing channel is to enter the capital market for
equity financing. At present,There are only two ways to go public: initial public
offering (IPO) and backdoor listing. As China's capital market is still in the
development stage, the relevant system is also constantly improving, enterprises
want to go through the IPO not only through strict qualification examination, but
also need to pay a huge time cost. Companies may miss the golden age of enterprise
development while waiting for IPO approval and listing. Therefore, many
companies turn to buy the shell of listed companies after the IPO channel fails, and
complete the listing goal through backdoor. Although backdoor listing has obvious
advantages, but the shell resource market is chaotic, and it is more difficult to find
high-quality shell. At the same time, the supervision of backdoor listing has become
more stringent. The complexity of operation and the strictness of supervision lead to
the increase of risk that enterprises want to go public through backdoor. Risk is
irreversible, in order to improve the success rate of backdoor listing, backdoor
companies need to control all the risks in the process of backdoor listing.
Combined with the research on backdoor listing both here and abroad, it
mainly focuses on the reasons for choosing this listing method and the performance
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四川大学硕士学位论文
of enterprises after listing. Financial risk is the focus of most scholars on the risk of
backdoor listing, but there is a lack of systematic case studies on the overall risk of
backdoor listing. Therefore, this paper takes the successful borrowing of Yaxia
Automobile by Zhonggong Education as an example, and it is of great significance
to analyze the risks and control measures faced by Zhonggong Education in the
process of borrowing Yaxia Automobile as the first stock of education and training
successfully landing in A-share market.
This paper analyzes the risks faced by China public education in this
transaction and the risk control measures taken by China public education from the
perspective of backdoor side, and evaluates the effect of risk control. The thesis
mainly uses three research methods: literature studies, case studies and comparative
research.
The first chapter, Introduction, firstly expounds the research background and
significance of the paper. Then using the literature research method to analyze the
previous scholars' research status of risk management and control of backdoor
listing, and make a comprehensive review of the current research status. Finally, the
research ideas, research methods, innovations and shortcomings of the paper are put
forward.. The second chapter defines the related concepts first, and then expounds
the related basic theories used in the paper. The third chapter is the introduction of
the case, including the situation of the two companies, the transaction motivation
and the transaction process. In the fourth chapter, based on the case, the transaction
process is divided into preparation stage, implementation stage and integration stage,
and the risks faced in each stage and the relevant risk control measures are analyzed
in detail. Finally, based on the comparative analysis of financial and non-financial
indicators before and after the backdoor listing of China public education, this paper
evaluates the financing and sustainable operation ability of China public education
after the backdoor listing, evaluates the effectiveness of risk management and
control in the transaction of China public education, and summarizes the experience
of risk management and control in the backdoor listing of enterprises. The fifth
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