A Case Study On The Route Selection Of Shun Feng Borrowed Shell Listing

Since China's accession to the WTO,cooperation among countries has deepened day by day,economic ties have become closer,and market-oriented services have penetrated into many fields,especially the tremendous opportunities for the express delivery industry brought by the rapid growth of e-commerce.In recent years,the number of express parts has increased explosively,which has stimulated the rapid development of express delivery industry.In order to vigorously support the development of logistics enterprises and give full play to the role of logistics enterprises in promoting the economy,our country has promulgated some related policies in recent years.As a result,the development environment of logistics industry has been gradually improved,and the market has put forward more stringent requirements for the comprehensive service capacity of the logistics industry.In order to meet the requirements,logistics enterprises have speeded up From the end of 2015 to now,logistics enterprises have chosen to land in the capital market by the way of backdoor listing,and the earliest Shentong Express,which has the intention of backdoor listing,made a price of 16.9 billion yuan for backdoor listing.After that,Yuantong express delivery will cost 17.5 billion yuan to borrow the shell of Yang Chuangshi,and Shunfeng Holdings will offer a price of 43.3 billion yuan to borrow the shell Dingtai new material.This paper will take Shunfeng Holdings as a case study to explore the reason why Shunfeng chose the listing path of Shunfeng through shell listing.Thus summarizes the logistics enterprise concentrated backdoor listing reason,finally draws the conclusion and the enlightenment.This article from the seven parts of the theme of research and analysis.The first part is mainly introduced in this paper.This part includes the purpose and significance of the study,domestic and international literature review(by referring to domestic and foreign about mergers and acquisitions,backdoor listing motivation literature,refine its main view)as well as the research contents and methods,innovation points and ideas.The second part introduces the backdoor listing theory and related concepts.This part from the efficiency theory,agency theory,information signal theory,synergytheory provides theoretical support for the article,and the backdoor listing of the supervision system are analyzed.The third part,China's express delivery line Part 4th,the case study of Shunfeng backdoor listing,including the enterprise background,the whole process of backdoor listing operation.5th part,is the reason analysis of Shunfeng backdoor listing.From the policy point of view,the industry background,This paper comprehensively analyzes the reasons for Shunfeng's listing path selection through backdoor in its own development.Part 6th is the conclusion and inspiration of the research.