The Motivation And Performance Analysis Of SF Holding's Backdoor Listing

Because backdoor listing has easier audit standards and shorter audit time than IPO for a long time,backdoor listing has become a shortcut for many companies to enter the capital market.In the few months since December 2015,several top domestic express companies(Shentong,Yuantong,Shunfeng and Yunda)have announced that they will enter the capital market through backdoor listing.However,whether the express industry companies choosing backdoor listing to enter the capital market is reasonable,or whether backdoor listing can bring positive performance to the express industry companies,is worth our deep consideration.This paper makes an in-depth analysis of the motivation and performance of the backdoor listing of Shunfeng Holding by means of case study.This paper is divided into five parts: the first part mainly introduces the research background and significance of this paper and the domestic and foreign literature of backdoor listing.The second part mainly elaborates concepts and theories related to this paper such as backdoor listing and backdoor listing performance.The third part mainly introduces the case of the backdoor listing of Shunfeng Holding,including the case of the backdoor listing and the backdoor listing scheme,etc.The fourth part mainly discusses the motivation and performance of Shunfeng Holding's backdoor listing,the motivation analysis is combined with the internal cause and external cause,the method of event study and financial index method are used to make detailed analysis of market performance,financial performance and nonfinancial performance after Shunfeng Holding's backdoor listing;The fifth part mainly puts forward useful countermeasures and suggestions based on the analysis above.The research conclusion of this paper are as follows: In terms of motivation,internal cause is mainly because Shunfeng Holding hopes to accelerate the process of transformation and upgrading by entering the capital market and Shunfeng Holding was facing a big financing gap in the process of transformation and upgrading.External cause is mainly the government was giving encouragement and support on equity financing of the express industry company,the pressure of companies in the same industry were in the process of competition of entering capital market and the time advantage of backdoor listing against IPO.In terms of performance,the company has achieved excellent performance in market performance,which has been widely recognized by the market,and brought good wealth effect to shareholders of both sides.As for financial performance,in the vertical view,backdoor listing brought good results to the profitability and growth ability of Shunfeng Holding,but it had little effect on the solvency and operating ability,in the lateral view,compared with Yuantong Express,Shunfeng Holding was better in operating ability and profitability,and had similar performance on growth ability and solvency after backdoor listing.As for non-financial performance,backdoor listing had no apparent positive effect on Shunfeng Holding's complaint rate,customer satisfaction and market share and the non-financial performance was relatively general.Combine the performance of all aspects,Shunfeng Holding's backdoor listing has achieved certain results and indicates that backdoor listing is an effective way to raise funds.