Study On M&A Financial Risks Of B Express Company's Backdoor Listing

With the continuous development and expansion of the express delivery industry,it has become the target of the express delivery companies to enter the capital market and obtain the development capital through listing.Traditional public offerings are demanding and time-consuming.Most express delivery companies do not qualify for the IPO,so backdoor listings have a range of advantages over traditional public offerings as the preferred method of listing.Now Yuantong,shentong,Zhongtong,Yunda and Shunfeng express companies have successfully entered the A-share market through backdoor listing.And this unique listing model will face many unknown risks in the implementation process,among which M&A financial risk is the most important risk point to pay attention to.For express delivery companies closely related to people's livelihood,its prosperity and development can benefit ordinary people.However,at present,the industry of express delivery is seriously homogeneous,the fierce competition and narrow profit space make it difficult for many express delivery companies to survive in the cruel market competition.It is of great significance to support the development of private companies in China if the express delivery companies gain the capital needed to upgrade industrial structure and expand business through backdoor listing.As one of the top domestic express companies,B express company has made great contributions to China's express industry since its establishment,with its business performance continuously growing,the construction of a smart logistics system,and the establishment of an integrated business model of sea,land and air.Therefore,by studying the M&A financial risks of B express company's backdoor listing,it is of great significance to prevent risks and ensure the healthy and sound development of B express company,as well as to provide reference for the possible M&A financial risks of the backdoor listing express company in the future.First of all,this paper makes a brief introduction to the current research status,research methods and research contents at home and abroad,summarizes the relevant theories of backdoor listing and M&A financial risks,and introduces the analytic hierarchy process to evaluate the financial risks of B's M&A.Then,based on the classification of financial risks in M&A and the financial risks faced by B express company in backdoor listing,the pricing risks,financing risks,payment risks and integration risks in backdoor listing are identified.The financial risk model of B express company was constructed by AHP,and the impact of the four financial risk points of B company's backdoor listing on the company's operation was analyzed.Finally,based on the above analysis of the financial risks of merger and acquisition of company B and the impact on the company,corresponding preventive measures are proposed respectively,providing reference for company B and similar express companies in theoretical and practical significance.