Analysis On The Motivation And Financial Performance Of Backdoor Listing

With the advent of the era of "Internet+",China's express industry has also entered a period of rapid development,and the competition will become increasingly fierce.In this big environment,more and more express enterprises choose backdoor listing,hoping to get a new development space through the capital market.Shentong express went public in 2015.Express companies such as yto,sf express and yunda also successfully entered the capital market through backdoor listing in 2016.Zto express and best express have also used IP0 to obtain development funds in the capital market.Taking the backdoor listing of sf holding dingtai new material as an example,this paper systematically analyzes the reasons for backdoor listing of express companies,and discusses the changes of financial performance of express companies before and after backdoor listing according to the relevant data in this case.First,this paper adopts literature research,looked at the backdoor listing related literature at home and abroad,the information about the backdoor listing in motivation,enterprise performance before and after the backdoor listing,shell resource selection has carried on the induction and summary,the content of the comprehensive understanding of the present situation of the study on backdoor listings,for the rest of this article research has laid a theoretical basis.According to literature research,scholars at home and abroad have rarely studied the motivation and performance of backdoor listing of express enterprises.Therefore,the research in this aspect is of great theoretical significance.Secondly,in the case analysis,this paper systematically discusses the motivation and performance of sf holding backdoor dingtai new material,and discusses the performance changes before and after sf holding backdoor dingtai new material.Through the research,it is found that the main reasons for express companies to choose backdoor listing are to meet the financing demand,speed of backdoor listing,the government's encouragement of the development of express industry,and the synergy effect and scale economy effect through backdoor listing.In the case analysis,it is found that sf express's motivation for backdoor listing is similar to that of other express delivery companies.From the perspective of sf express's long-term performance,after backdoor listing,sf express,s development funds have been effectively guaranteed,and sf express's operating ability,profitability,debt paying ability and development ability have been effectively improved.According to the results of the evaluation on the long-tern performance of sf express by EVA method,backdoor listing has significantly increased the shareholder wealth of sf express and realized the positive growth of sf express's long-term performance.Finally,through comprehensive analysis,it provides some reasonable Suggestions for the backdoor listing of sf holding peer enterprises.Innovation of this paper:from the perspective of research content,the current academic circle mainly focuses on studying the financial performance of backdoor listed companies,and few scholars systematically discuss the specific ways of backdoor listed companies.Based on the motion controlling backdoor dingtai textile new material for the case,a simple analysis of the motion of the shell and shell,also discusses the suitable abundant financial performance before and after the backdoor listing,analyzes the identity of the shell company and securities backdoor way,for other industry enterprises backdoor listings puts forward Suggestions with reference value.