Research On The Influence Of Direct Mode On The Value Of Express Industry Enterprises

The research background of this paper is:Since 2017,the logistics industry policy dividends have been frequent,and the favorable policies of the national policy for the logistics industry are conducive to the development of the express delivery industry.Since the 21st century,private express delivery companies have gradually become the main players of competition,and have maintained rapid growth and continued to expand.China’s private logistics enterprises have a large number of franchise models,and SF Holdings has transformed from a franchise mode at the time of its founding to a direct mode and has emerged among many logistics companies.It has become a unicorn in a private-sector private logistics company with a valuation of more than 100.Times.The reason is that SF Express’s strong support to the end of the direct mode,so that SF Express in the competition of the cruel private express market stand out.The research question in this paper is:What are the paths for SF Holdings to realize enterprise value based on the direct mode?What is its impact on corporate value?The characteristics of this paper are:For the case object SF Holdings,the existing research mostly focuses on the analysis of its backdoor listing in 2017.Few studies have completely analyzed the enterprise from the whole value perspective.Therefore,this paper studies the related theoretical analysis of the predecessors.Analysis,combined with the specific enterprise SF Holdings,has constructed a new value management model through which to realize the path of its value and thus create greater value.Through in-depth research on relevant theory and case enterprise systems,this paper finds that SF Holdings’s ways to realize its corporate value include:enhancing user value through years of accumulated brand image,high-quality service to enhance product value,and diversified strategy promotes synergy The advantages of R&D investment enhance its core value.However,the direct mode has higher labor costs and period costs due to its strong control.Despite the high cost,its operating income and net profit have remained stable and continued to grow for a long time,resulting in a large amount of cash flow.In the short term,SF’s financial indicators are generally good,but once the logistics network system it has formed,it will bring long-term value added to the company.The capital market responded well to SF Express,a courier company that adopted the direct-operated model.This reflects that this model can play a positive role in the long-term value of the company and bring value added.