Research On The Performance Of S.F.Holding Backdoor The DingTaiXinCai

Since 2010,with the rapid development of e-commerce,the continuous improvement of infrastructure,the rapid improvement of residents' consumption level and the large-scale release of policy dividends in the express industry,the express industry in China has entered a stage of rapid development.Shunfeng Holdings is the leading enterprise in China's express industry.Compared with other express companies,Shunfeng Holdings has adopted centralized differentiation strategy to locate in the high-end market.Since its establishment,it has adhered to the direct operation mode,maintaining a healthy profit level while maintaining stable income.However,there are many enterprises and fierce competition in China's express industry.With the continuous improvement of service quality of other express companies and the impact of self-built logistics of major e-commerce,Shunfeng Holdings is facing increasingly fierce competition in the industry,and it is difficult to meet the strategic needs of building integrated logistics service providers only by relying on its own financial strength.2016 is the first year of China's express companies' listing.Major express companies intend to further expand their scale and seize market share with the help of capital market.Compared with IPO,backdoor listing has the advantages of short time and simple process.Under this background,Shunfeng Holdings chose to list and land in the capital market in 2016 through backdoor Dingtaixincai.This paper takes the backdoor listing of Shunfeng Holdings Dingtaixincai as the research object and draws lessons from the theoretical results of backdoor listing and M&A performance research at home and abroad.Firstly,it introduces the current situation of express delivery industry and listing status,and analyses the backgrounds,trading parties and trading process of backdoor listing of Shunfeng Holdings.Secondly,it studies the market performance of backdoor listing of Shunfeng Holdings by event study method.Effectiveness,using financial index analysis method and EVA evaluation method to study the financial performance of Shunfeng Holdings backdoor listing,innovatively combining the entropy coefficient method with the balanced scorecard method to study the comprehensive performance of Shunfeng Holdings backdoor listing,and comprehensively evaluate the performance of the backdoor listing from three levels: market performance,financial performance and comprehensive performance;finally,the performance of Shunfeng Holdings backdoor listing is obtained.The conclusion of the study,the Enlightenment from the successful backdoor listing process of Shunfeng Holdings,and the prospects of this study.Through the establishment of a reasonable and comprehensive performance evaluation system,the results of this study show that: in terms of market performance,based on the analysis of accumulated excess return and other indicators,Shunfeng Holdings' backdoor listing has remarkable market performance,good overall financial performance,top overall performance in the industry,and the overall performance of Shunfeng Holdings' backdoor listing is good,and Shunfeng Holdings' backdoor listing is controlled by Shunfeng Holdings.The listing of Dingtai New Materials with backdoor shares is still a classic case of successful backdoor listing in express industry.By summarizing the successful backdoor listing experience of Shunfeng Holdings,this paper puts forward that other enterprises intending to achieve listing through backdoor listing should divest financial assets to increase the passing rate of listing,follow the industry trend,seize the opportunity of backdoor listing,carefully select shell resources,select appropriate backdoor operation mode according to their own characteristics,use more professional intermediaries to promote the listing process,and compare with the IPO model.Suggestions on the restructuring of the joint-stock system of enterprises are put forward.