The Comparison And Research Of The Mode To Entry Capital Market Of Express Enterprises

In recent years,the rapid development of China's e-commerce led to the rapid development of express industry which has a close relationship with the electricity business.In the context of domestic economic growth slowdown,the rapid expansion of the express industry is particularly noticeable and the industry's development prospects are excellent.From the STO.Express announced to list in December 2015 firstly,several major giants of express industry have followed the announcement of the listing plan,the competition of express industry will be fiercely.YTO.Express appeared on the market successfully through the backdoor listing,becoming the "China Express first shares" in October 20,2016.ZTO.Express logged in to the NYSE in Oct.27.And several other express companies have also chosen the backdoor listing or the way of the NYSE listed on the capital market.It is not difficult to find that the backdoor listing and overseas listing are the current two mainstream ways of express to be listed.This article will compare the two mainstream ways to be listed with the example of the YTO.Express backdoor listing and the ZTO.Express listing of the NYSE in the context of the development of express delivery industryThis paper collects domestic and foreign literature on backdoor listing and overseas listing.It is found that most of the research on backdoor listing is about the reasons for the selection of enterprises backdoor listing,the evaluation of shell resources and the performance after listing.And the researches of overseas listing mainly focuses on the comparison of the listing environment at home and abroad,the choice of the place of listing and the existing problems.On the whole,the theory and the type of evidence are a lot,but there is little research on the comparison of two kinds of listing methods.This article mainly about three major aspects of a detailed comparison of the two listed methods:listing conditions and regulatory environment,the cost and income of listing and listing effect after the listing.As for the listing conditions,the US stock issuance took the registration system,the regulations of the listed company's financial and scale is not rigid,just need to ensure the integrity,the authenticity and the accuracy of the information,which is more relaxed than the domestic listing conditions.And the US securities market are more concerned about the future growth of enterprises and development potential,some small but promising future development of enterprises more suitable for overseas listing.As for the regulatory environment,the US disclosure requirements,regulatory system and investor protection mechanisms are more perfect.Some companies with sound organizational structure have the ability to adapt to foreign strict disclosure requirements can choose overseas listing,and some companies which have been adapted domestic system are more suitable for domestic backdoor listing.As for the cost of listing,the expense of buying the shell are more than he direct cost of overseas listing,but because of the strict foreign regulatory system,the follow-up cost of overseas listing are greater.As for the listing of income,overseas listing generally raise more funds than the domestic backdoor listing.And overseas listing has some more indirect benefit,such as broaden the overseas market,improve the international reputation of enterprises.Enterprises which needs more fund and intends to open up the international market are more suitable for overseas listing.