Research On The Motivation And Performance Of Back-door Listing In Express Delivery Industry

The express delivery industry is one of the most important industries in China.It covers a wide range of production,consumption and investment.From 2010 to 2017,Express delivery revenue increased 6.7 times,from $57.46 billion in 2010 to $444.6 billion in 2017.At the same time,its share of GDP is increasing,it is becoming an indispensable industry.However,there are also shortcomings in the development of express delivery industry.For example,the construction of logistics related facilities is more than basic,the service level needs to be improved,and the internal management lacks standardization.In order to get further development,it is necessary to use the capital market platform,namely the listing,so that in 2016,many express companies are rushing to list their shells.In October 2015,the State Council’s Opinions on Promoting the Development of Express Industries were published.From the date of implementation until 2020,China will gradually build up a domestic service network with comprehensive coverage and move towards internationalization,and set up a courier service system featuring advanced technology,a policy of popularizing preferential urban and rural areas and providing high-quality services.At the same time,maintain the current express market size,exceed 50 billion business and 800 billion yuan business revenue.In addition,the opinion also encourages investors to invest in the express delivery section.At the same time,it strongly supports the merger and reorganization of various express delivery companies and their internationalization,and promotes "Internet +" express delivery.Under the support of the general environment,yuantong express delivery,shentong express delivery,Yunda express delivery and sf express all take stock of the situation,seize the development opportunity in a timely manner,in 2016 successive shell listing.Although existing literature research on backdoor listings has quite a few,however,express company backdoor listing occurred in2016,since time is shorter,the research topic of the courier industry is not comprehensive,and lack of contrast,therefore,this article selects "Yuan tong--shen tong--yunda--sf express",for four express company backdoor listing agent in comb,and calculate their long-term and short-term performance before and after the listing,hope to express enterprises backdoor listing case study contribute,and for other express deliveryenterprises backdoor listings provide relevant countermeasures and Suggestions.First of all,the article explains the reasons for the selection,defines the relevant concept of the shell,and combs the writing ideas,research methods and innovative points;Secondly,on the basis of the research of domestic and foreign scholars,the paper summarizes the related literature on the motivation and performance of private enterprises and express delivery industry;Then,the paper introduces the theories of rent seeking,efficiency,information signal and synergy,which are related to the motivation and performance of backdoor listing;Then,the author analyzes the reasons for the listing of the backdoor listing of "Yuan tong--shen tong--yunda--sf express." and makes a summary.After that,respectively,using event study and accounting index method to calculate the "Yuan tong--shen tong--yunda--sf express." four express company performance before and after the backdoor listings,and accordingly,data analysis and summary,respectively.It also proves the rationality of the motivation of backdoor listing;Finally,according to the analysis of the motivation and performance of "Yuan tong--shen tong--yunda--sf express." in the previous article,this paper analyzes the research conclusion of "Yuan tong--shen tong--yunda--sf express." in the express delivery industry,and puts forward countermeasures and suggestions about four express delivery companies and other express delivery enterprises.