The Motivation And Performance Analysis Of The Backdoor Listing Of S.F. Holding

With the continuous development and improvement of the capital market,various industries are accelerating the pace of integration,and there are more and more mergers and acquisitions.As one of the most important ways of mergers and acquisitions in the capital market,it is also adopted by more enterprises,especially in the traditional manufacturing industry in the third industry.With the development of China's economy,e-commerce,fresh,business and other needs to stimulate the continuous development of the express industry,coupled with the support of the state express to the countryside and other policies,domestic express companies are seeking their own expansion strategy.Under the background of logistics companies going public,this paper selects the listing of new products of S.F.holding Limited as a case study.The background,motivation,process,performance and some problems of the backdoor listing are analyzed.As the leader of the logistics industry,S.F.holding is in the leading position in the company size,service quality,customer word of mouth and so on,so it has some representative.This article is divided into six parts for case analysis.The first part describes the background,purpose and methods of the study,and analyzes the development of China's backdoor listing and the development of logistics industry.The fierce competition in the logistics industry has led to the backdoor listing of S.F.The second part explains the related concepts of the backdoor listing,the basis of the theoretical basis,and combs the literature at home and abroad,and there are many advantages in the listing cost,financing,enterprise development and effect.The third part introduces the case of SF's backdoor listing,including the situation of both parties and the process of backdoor listing.The fourth part is a specific case analysis.First,we analyze the motivation of this case.In the context of the fierce competition in the logistics industry,S.F.holding needs to borrow the shell and finance for its own business expansion,thus expanding the scale of the company.Then the analysis of the change of ownership structure shows that the listing does not affect SF's shareholding status.Then,the evaluation of the corresponding performance,including financial performance,market efficiency,corporate governance and business development,the financial indicators as a whole has a benign change,the market reaction is good,the backdoor listing has brought positive effects in general,and it is more beneficial to S.F.holding than the disadvantages.It also improved the plight of the management and development of the new timber.However,it is also found that the problems exist in this case,including high selection cost of shell resources and information opaque,the risk of performance compensation in the transaction scheme and incomplete information disclosure.Finally,a case study is made.The fifth part summarizes the relevant experience and Enlightenment of this case,including the rational choice of shell resources and trading mode,risk aversion and disclosure,and the consolidation of post market integration.In order to provide some reference for other private enterprises.Finally,the conclusion is drawn from the overall analysis and the limitations of the author's research are pointed out.