Research On The Motivation And Performance Of Y Express Company Backdoor Listing

In recent years,with the booming of e-commerce industry,and the emergence of new Internet sales models such as "live delivery",the express industry has brought many opportunities.On the other hand,due to the increasingly fierce competition in the express market and the serious homogenization of the industry,the profits of enterprises are further narrowed.In the social background of huge demand for express business,in order to seek for greater capital strength and expand the scale of operation,private express companies have launched a new round of backdoor listing boom.Backdoor listing has always been a hot topic in market economy research.More and more private enterprises in emerging industries choose backdoor listing rather than IPO listing because of the influence of macro social environment and internal conditions of enterprises.Compared with IPO,backdoor listing has the advantages of low cost and fast time effect,but it is also accompanied by the risks and challenges of restructuring failure and business performance reduction.Therefore,it is of great research value to explore the motivation and performance of backdoor listing of private express enterprises.The author takes the case of Y express company backdoor listing of X shares as the research object,and analyzes the motivation and performance change of its backdoor listing.This paper will study the following two core issues: what is the reason for Y express company to choose backdoor listing,what effect it hopes to achieve after the completion of the transaction;how does the financial and non-financial performance of Y express company change after backdoor listing,and what are the reasons for the change.Based on the above problems,this paper first explains the related concepts and theoretical basis of backdoor listing,and then combs and summarizes the existing literature on merger and reorganization.Then it introduces the implementation process and content of Y express company backdoor listing,and uses Porter's five forces model,case analysis and financial index analysis to analyze the motivation of Y express company backdoor listing and the change of financial and non-financial performance.The main conclusions of this paper include: because of the high risk nature of private enterprises,compared with state-owned enterprises,they need to spend a higher cost to obtain loans from commercial banks for financing.Therefore,Y express company chooses a more efficient and cost saving backdoor listing financing method to solve the financing needs.With the deterioration of market competition and the further narrowing of industry profit space,Y express company is forced to expand financing channels through backdoor listing,realize transformation and upgrading,and break through the profit bottleneck.Through backdoor listing,Y express company has achieved the expected effect of enhancing its brand influence.Finally,backdoor listing makes Y express company get significant improvement in both financial and non-financial performance.