A Study On The Motivation And Performance Of YTO Backdoor Listing

With the rise of e-commerce platforms such as Taobao,JD.com and Dangdang,the express delivery industry has also ushered in the era of rapid development.Although China is facing the trend of macroeconomic slowdown and weak development of traditional sectors in recent years,the express delivery industry has become a new bright spot in China’s economic growth in recent years.In October 2015,the State Council issued the first programmatic document "Opinions on Promoting the Development of the Express Industry",which is the first document guiding the development of the express industry in an all-round way.The opinions for the first time formally defined the industry positioning and function of the express industry in the national economy,and promoted the express industry to an unprecedented strategic height.Encourage all kinds of capital to enter the express field legally,support express company to appear on the market financing,integrate and optimize the allocation of resources,which is a huge good for the development of express industry.Since the end of 2015,the express companies have started a boom of backdoor listing,Industry competition continues from the original price level to the capital level,the main reasons are the following: the development of the express industry is not as optimistic as previous years,the competition is fiercely competitive,the gross profit rate is declining,the growth rate is slowing down,and the development of the industry has encountered a bottleneck;the time cost of backdoor listing is much lower than that of IPO;the construction of infrastructure and transfer center at the end of the express industry requires a lot of investment from express enterprises;in order to bid farewell to the family management model.As the first express company listed in the A stock market backdoor,YTO successfully borrowed the shell from Dayang Genesis,becoming "the first person to eat crabs".The case is representative,and it has the referencesignificance.By sorting out and summarizing the research results of backdoor listing at home and abroad,this paper consults the views and comments on the Internet about backdoor listing in the express industry.This paper determines the research direction of this paper,and analyzes the relevant concepts and theories of backdoor listing,the choice of shell resources,the motivation and performance of backdoor listing.According to these theoretical basis,the research framework and research methods of this paper are established and applied to the case analysis of YTO backdoor listing.When analyzing the motivation of YTO backdoor listing,this thesis discusses the internal and external factors respectively.In the internal factors,solving the financing problem is the most fundamental reason for backdoor listing.Among the external factors,the main motivation of backdoor listing is that the listing speed is faster and it can enhance the competitiveness of the industry.This thesisr study on the market performance,financial performance,operating performance and social performance of YTO,compare the performance changes before and after backdoor listing.By using the event method,we find that the cumulative abnormal return of YTO is positive after backdoor listing,the trend is good,and the market performance is positive.Rely on the EVA valuation method,according to the trend of economic value added increasingly year by year,it seems that the enterprise’s operating performance has improved after backdoor listing.This thesis analyzes the changes of social performance of YTO through the analysis of the increaseing employment of express industry and the positive industry demonstration effect after the backdoor listing of express companies in 2016.YTO spent more than 6 months for its reverse mergers,still went on smoothly.But today,the whole industry is in intensive listing,as one of the leading enterprises in the express industry,we should also think about how the backdoor listing will change for the enterprise itself.Therefore,at the end of this thesis,I will put forward some corresponding countermeasures and suggestions according to the shortage of YTO and the fierce competition pattern of express industry.