Research On The Motivation And Cost-benefit Of Backdoor Listing In Express Industry

In recent years,due to the rapid development of China's e-commerce,express delivery industry become one of the fastest growing industries in China.From the year 2011 to 2014,China's express business volume has maintained a growth rate of more than 50%for four consecutive years.However,after the rapid development during the preliminary stage,homogenized express companies began to compete at low price in order to snatch market share.Combined with high labor costs,express delivery industry gradually presented a trend of micro-interest and non-interest.Each express company need to raise capital so as to improve their operation level and carry out transformation and upgrading.As a result,with the support policies,the major giants of express companies landed on capital one by one,and 2016 became the first year of the express enterprises tried to be listed.The listing upsurge for only one year,and the related research is not comprehensive.This paper is aimed at studying express industry backdoor listing related issues,trying to make up for the lack of research in the sub-industries.By using the method of multi-case study,this paper excavates the regular characteristics of backdoor listing in the industry.probes into the commonness and individuality of the reasons for the four express companies to adopt the backdoor listing,and probes into the costs and benefits of the backdoor listing under two different operating modes.Hope to provide reference for other express enterprises to be listed in the future,and to help them complete the backdoor listing that suitable for their own circumstances.After research and analysis,this paper finally reaches the following conclusions:(1)The four express companies that have completed the backdoor listing have strong strength,large scale,and good capital structure;shell companies have the characteristics of downturn of their industries,poor performance,disperse equity structure,light debt burden and so on.(2)The common reasons of backdoor listing lie in the support of national policy,the long term and high threshold of IPO listing,and the higher financing demand of companies.The causes of individuality also include overcoming the malpractice of familial governance model and franchise,and being under pressure from investors and so on.(3)By modeling and calculating the costs and benefits of backdoor listing for each company,we can know that Sf-express spent the lowest cost for dilution,and Shentong and Yuantong's shareholders obtained a higher return.From the point of view of backdoor listing mode,the total asset appreciation rate in the major asset sale mode is higher than that in the asset replacement mode,and there is no significant difference between the two modes in the cost of borrowing the shell.