Research On Financial Performance Of Shentong Express Backdoor Listing

With the rapid development of the capital market,in order to obtain more profits and occupy a larger market share,various enterprises use various financing methods to expand the size of the enterprise,and in many ways of financing,Listing because of its low financing cost and high speed unique advantages,by many enterprises to choose.In order to be listed on the stock market,enterprises can choose between IPO and backdoor mode.However,due to the adoption of audit system in the supervision and control of listing of enterprises in China,the standard is high,the process is complex,and many new enterprises are deterred from doing so.However,backdoor listing does not require a rigorous audit process like IPO,so many do not meet IPO audit standards 4%of enterprises will choose backdoor this listing channel.Non-listed companies can acquire control by buying shares of listed companies,then transfer their original assets to the listed companies that have been controlled,and the enterprises have the status of listing.The increasing number of corporate backdoor events has also aroused the attention of academia,many scholars on the backdoor listing causes,backdoor enterprises after the management of research and analysis,but because the nature of backdoor listing is a special merger and acquisition transactions.Therefore,many studies are based on mergers and acquisitions,and there is less research into backdoor listing.In addition,the event of backdoor listing in the express delivery industry took the lead by Shentong Express in 2015.Launched,so the domestic express industry backdoor listing after the financial performance research appears later.This paper mainly studies the impact of Shentong Express's successful backdoor listing on financial performance.After expounding the research background,purpose and significance of the thesis,and after summarizing the relevant domestic and foreign literature and theory,This paper summarizes the enterprise situation and listing process plan of the backdoor listing parties,and analyzes the motivation of the backdoor selling by both sides.The financial index and DuPont analysis are used to analyze the operating ability,solvency,profitability and development ability of Shentong Express after listing,in order to prove whether the backdoor listing has an impact on the financial performance of the enterprise.According to the conclusion of the analysis,some reasonable suggestions are put forward to improve the financial performance of other express delivery enterprises after listing and after listing.