近年来,由于政府部门对上市资格的审批管理程序复杂、条件苛刻,不少因无法达到连续盈利、稳健财务比率等上市门槛要求的企业开始争相抢夺壳资源,进而导致股票市场上壳资源日益紧俏。然而,目前借壳过程中还存在一些问题,如在借壳上市中,由于信息不对称,控股股东可以利用信息优势操纵置换资产价值、股权置换的比例等,通过隧道效应为自己带来额外的控制权收益,侵 In recent years, due to the complexity and harsh conditions of the examination and approval procedures for listing qualifications by government departments, many enterprises that compete for listing thresholds that fail to achieve continuous profitability and a steady financial ratio have begun to compete for shell resources and thus lead to the growing stocking of shell resources Tight. However, there are still some problems in the current backdoor process. For example, in the backdoor listing, due to the asymmetric information, controlling shareholders can use information superiority to control the value of replacement assets, the proportion of equity replacement, etc., and bring extra control to themselves through the tunneling effect Revenue, invasion