2008年的中国资本市场上,黄光裕被调查无疑是一个重要事件。5年前,黄光裕凭借借壳上市,成为当年的中国首富;5年后,因为再次追求借壳上市,黄光裕涉嫌证券违法而被调查。两种截然不同的结果不仅使黄光裕成为证券市场的焦点,也引起了人们对借壳上市的关注。本文以黄光裕一案为引,追根溯源,剖析借壳上市中存在的法律问题,并针对其中暴露出来的问题提出自己的建议。 In 2008, China’s capital market, Huang Guangyu was investigated is undoubtedly an important event. Five years ago, Huang Guangyu became the richest man in China by listing on the backdoor. Five years later, Huang Guangyu was investigated for securities unlawfulness because of the pursuit of a backdoor listing. Two distinct results not only make Huang Guangyu the focus of the securities market, but also attracted the concern of the backdoor listing. Based on the case of Huang Guangyu, this essay traces its origins, analyzes the legal problems existing in the backdoor listing, and puts forward its own suggestions according to the problems exposed.