Analysis On Financial Effects Of Shunfeng's Back-door Listing

The policy put forward in 2015,which is called Some Opinions on Promoting the Development of Express Industry,has encouraged more enterprises to organize group companies by the means of merge and acquisitions or asset restructuring.However,express industry has been confronted with a dilemma: there is a decline in growth of business and income,and the price per unit is also descending,which means the profit margin is dropping.So it is urgent for the enterprises to have a transformation and upgrading in financial strategy.IPO is a direct way to be listed,but its requirements are hard to meet for developing enterprises and it costs a lot time,so that the enterprises turn to find other ways,such as back-door listing.There was a back-door listing boom in express industry from 2015: Shentong,Yuantong,Shunfeng,Yunda,all of them has succeeded in backdoor listing.It is important to analyze financial effects of back-door listing,because it can help managers control the operating efficiency and make the right adjustment.The paper is to analyze the case about Shunfeng,the leading internal express company,and give some suggestions to make positive financial effects after back-door listing.The paper is composed of five chapters: the first chapter is the exordium,giving brief introductions to the background and literature review;the second chapter contains the relevant concepts and the theoretical basis;the chapter 3 introduces the case and reveals motivations;the chapter 4 analyzes the financial effects of backdoor listing from four aspects and give some suggestions;the chapter 5 makes final conclusions and puts forward research prospects.The final conclusion is that,in the short term,back-door listing can bring positive financial effects,but in the long term,negative financial effects begin to appear.The contribution in the paper is the redefinition on the financial effects of back-door listing on the basis of a large number of related documents.