反向收购上市

由于IPO高门槛再加上上市公司拥有的众多特权，使得反向收购上市成为企业首选的上市融资捷径。

Because of the high standard of IPO and many privileges of listed company , the reverse acquisition of listed enterprises becomes the preferred shortcut of listing and financing .

总的来说，不论从短期还长期影响，样本企业反向收购上市后的绩效水平要高于反向收购上市之前的。

Generally , no matter short-term or long-term impacts , after reverse acquisition , sample enterprises ' performance level is higher than before the RTO .

委员会在整理监管文档后发布了一份报告，报告显示，过去3年内，共有215家在中国有业务的公司在美国交易所上市，且绝大多数公司都是通过反向收购上市。

The board scoured regulatory filings to produce a report which found that , over three years , 215 companies with operations in China listed on us exchanges and a majority of the companies came to list through reverse mergers .

在1993至2013年间，来自中国大陆和香港的168家企业在美国的正规股票交易所公开发行上市，其中不包括那些声名狼藉的通过反向收购模式上市的公司。

Between 1993 and 2013 168 companies from Hong Kong and China went public on organised stock exchanges in the US , not including those notorious reverse mergers .

今年早些时候，一些通过反向收购在美上市的中国公司成为卖空者的目标。这些卖空者认为，美国审计机构不具备恰当的能力，对这些公司在中国的运营状况进行监控。

Earlier this year , a number of Chinese companies that had gone public via reverse mergers were targeted by short sellers who believed that US auditors were not able properly to monitor these companies ' Chinese operations .

因此，反向收购，也称借壳上市，由于其周期短、上市成功有保障、费用相对较低，越来越引起人们的关注。

Therefore , reverse merger , also called " backdoor listing ", with its short cycle , successful security , relatively low cost , has more and more caused the attention of people .