Analysis Of The Intrinsic Value And Influencing Factors Of The Stocks Of Backdoor Listed Companies

With the development of Chinese capital market,more and more companies expanded their capital through backdoor listing in 1997.The backdoor listing means that the unlisted companies invest their assets in a low value listed company,get control of the company and make use of the status of its listed company,so that the assets of the parent company can be listed.In July 1,2016,Xinhai Electric Company announced that YUNDA Holding will be sold to Xinhai Electric for 18 billion yuan.This is the fourth of the domestic express companies announced on the back of the shell in 2016.In just one year,YTO Express,STO Express,Yunda Holding and S.F.Holding were respectively sold for 17.5billion yuan,16.9 billion yuan,18 billion yuan and 43.3 billion yuan to the listed company.The reason why express companies chose backdoor listing is that the cash flow of express industry is scattered,the asset is not concentrated etc,which is difficult to meet the requirements of IPO.However,enterprise can quickly land on the capital market by backdoor listing which is faster than IPO.For example,it took only 8 months for YTO Express to publish an announcement until obtained approval.In addition,express companies usually make lower prices to get customers that further reduces the profits of enterprises.But the infrastructure construction and basic transportation center are required a lot of capital investment to express enterprises.So the backdoor listing is suitable of the express company to obtain the capital rapidly.This article takes the case of four major express companies which is listed on the backdoor,analyzes the stock's intrinsic value and the influencing factors of the stock from the investor's perspective.This paper firstly introduces the research background,research framework,backdoor listing,stock value assessment and other related content,then introduces business status and backdoor process in detail,finally through classical residual income valuation model to measure the intrinsic value of stock in 2016,and through the multivariable linear regression mode and stepwise regressionl to analysis of the factors affecting the stock price.The study finds that the four express company in 2016 closing stock price is too high.If the profit in 2016 maintain ten years,the intrinsic value of YTO Express,S.F.Holding and Yunda Holding is less than the 1/3 of current stock,STO Express' s share price is 2.72 times higher than its intrinsic value.Of the four expressdelivery companies,STO Express has the lowest valuation bubble.In the analysis of the influencing factors of stocks,the main influencing factors of the stock prices of S.F.Holding and YTO Express are respectively the earnings per share and the debt ratio of assets.The stock price of Yunda Holding is relatively stable,and the stock price of STO Express has been falling since 2015,and its multiple regression The model did not pass the significance test.Finally,based on the above research results,the author puts forward corresponding suggestions for different investors.