The Comparison And Research Of The Mode To Entry Capital Market Of Express Enterpirses

In the past decade,the Internet has greatly influenced the consumer industry.In the next five years,the influence of the Internet on the whole social circulation system will gradually emerge,and the express delivery companies will gradually complete the electronicalization.In the future the revolution of "new retail",the efficiency and quality of the circulation system represented by express delivery will continue to improve,and the space for development will become larger and larger.The recent implementation of new policies such as the "e-commerce law" makes it possible for e-commerce to maintain a high prosperity and drive the express industry seek improvement in stability.At present,nearly eighty percent of the express delivery market in our country are related to electricity,express delivery market growth is more and more big,the correlation between electrical business growth and electricity in the next two years is still expected to maintain 20% of rapid growth,so as to express industry in China over the next two years is expected to maintain higher degree,the boom in 2019 is expected to express industry business still maintain the relatively high growth of 20% +.Although express delivery business in China increased year by year,but because of the express industry threshold is low,the industry concentration degree is more and more low,competition is increasingly fierce,has led many Courier companies had to at a low price strategy to gain market share,causes the enterprise profit space is small,the express industry must carry out transformation and upgrading and merger and reorganization and stepped into the stage of capital showdown,therefore listed is inevitable trend.2016 is the first year for express delivery companies to go public.Several private express delivery giants have announced to go public one after another and quickly landed on the capital market.Backdoor listing and overseas listing are the mainstream listing methods chosen by express delivery companies.Based on such a special background,this paper adopts the case study method to analyze the two cases of backdoor listing of S.F.express and overseas listing of ZTO,and comprehensively and systematically studies the listing motivation,listing mode and listing effect of these two listing methods,so as to provide some experience for express companies to be listed in the selection of listing method.Through the comparative analysis of these two typical cases,this paper comes to the following conclusions: first,the common reason why the express industry competes to land in the capital market is the policy factors and financing needs.Second,from the perspective of the motivation for choosing the way of listing,due to strict IPO approval and long cycle,those express companies that have difficulty in meeting IPO requirements and are in urgent need of access to the capital market will choose backdoor listing.Express delivery companies with overseas investment background or VIE model framework are usually preferred to list overseas.Meanwhile,express delivery companies with global strategic layout,who want to get the initial advantage in the capital market,get financing as soon as possible and improve their governance level will also prefer to list overseas.Third,both backdoor listing and overseas IPO have broadened the financing channels of express delivery enterprises in the long run,bringing wealth effect to shareholders and improving their financial conditions.From the perspective of the financing effect of post-marketing,domestic backdoor listings are the main benefits of raising matching funds and stock returns,and in 2016 the latest revision of the "measures for the restructuring of listed companies in our country in the clear to cancel raising matching funds,listed companies just won the qualification of financing,reduced the enterprise financing speed,with the overseas IPO to raise money,more quickly than is definitely a disadvantage,so particularly strong demand for financing express enterprises need to be more careful when choosing public way.On the other hand,from the perspective of the shareholder wealth effects of post-marketing,listed abroad may in the short term will have to reduce the risk of share prices,but long-term overseas capital market pay more attention to the potential and the growth of the enterprise,so for the short of domestic listing requirements of express enterprise can consider overseas listing,land capital market promote the development of their own.