Analysis On The Financial Effect Of Yunda Backdoor Listing

Backdoor listing is playing a more and more important role in the capital market because of its low time cost and few restrictions,and it is favored by enterprises.However,a series of problems that have arisen have also made the backdoor listing enterprises overwhelmed.Whether the enterprises can effectively integrate resources to achieve benign development has become a key concern of investors,business managers and securities regulators.The express delivery industry has developed rapidly in recent years.The state has successively issued many policies to support the development of China's express logistics industry.Domestic private express delivery companies have listed and financed through various channels,with the aim of using capital strength to consolidate their advantages in the future battlefield.At this point,the four express delivery companies have successfully landed in the A-share market through the backdoor listing.Therefore,it is very important to study the financial effects of the backdoor listing behavior for the enterprise,and whether it is beneficial to the long-term development of the enterprise.Based on Yunda successful backdoor listing,this paper analyzes the financial effects of Yunda backdoor listing.Then we can propose feasible suggestions for the subsequent development of Yunda,and provide reference for the future prospective listed companies in the industry.This paper introduces the situation of company,the operation process of backdoor listing,the necessity of Yunda backdoor listing,and the financial status of both parties.Based on the relevant theory of backdoor listing,we use event research method to analyze the market reaction of Yunda backdoor listing;The grey correlation analysis method is used to calculate the correlation degree of financial index and analyze the influence of various financial indexes on the financial performance of Yunda before and after backdoor listing;The cost-benefit model is used to calculate the change of cost-benefit before and after Yunda backdoor listing.The above analysis results show that:(1)Yunda backdoor listing event has a significant impact on the company's stock price changes,leading to positive excess returns and good short-term market response.(2)The correlation between the financial indicators before and after Yunda backdoor listing and the financial performance of the company has changed,and the correlation between the sales net profit index and the company's financial performance is at the forefront.(3)Yunda's investment value-added rate after backdoor listing is positive,and the total investment value-added rate is higher than that before backdoor listing,which indicates that the return of Yunda after backdoor listing has been effectively improved.Accordingly,suggestions and enlightenments are put forward:(1)Yunda's proposals for future development were put forward.(1)Yunda should pay attention to the long-term performance in the future;(2)Yunda should leverage resources integration to achieve corporate synergies;(3)Yunda should seize the financing opportunity to build a global express network.(2)Enlightenment on other private express delivery enterprises is proposed.(1)Enterprises should fully tap the potential of backdoor listing and quickly land in the capital market to seize the opportunity;(2)Enterprises should carry out efficient resource integration and management to achieve the goal of backdoor listing;(3)Enterprises should pay attention to policy changes and guard against the risks of backdoor listing to improve corporate governance.