Reasons And Financial Effects Of Backdoor Listing Of Express Industry

In recent years,Chinese express industry has developed rapidly,and the contribution to the national economy is growing.In order to further support the development of express delivery industry,the state has intensively promulgated relevant favorable policies to encourage the express industry to enter the capital market.Compared with IPO,backdoor listing has lower threshold and shorter time,which provides a faster way for enterprises to enter the capital market.Since 2016,private courier giants have listed successively,among which STO,YTO,S.F.and YUNDA have chosen to enter the capital market by backdoor listing.Therefore,this paper chooses the case of backdoor Dingtai New Material listed by S.F.to explore the reasons why most express companies choose backdoor financing and the changes of financial performance before and after backdoor listing.This paper summarizes the research results of domestic and foreign scholars on backdoor listing by using literature research method,and specifically analyses the development process and current situation of the express industry.From the perspective of the industry,the motives for most express companies to choose backdoor listing conclude financing demand,synergy effect,national policy support and strict IPO audit.And the paper finds that it mainly wants to alleviate the pressure of competition,meet its financing needs,seize the market opportunities and enhance the visibility of enterprises from S.F.’s own point of view by using the method of case analysis to research the successful case of S.F.listed by shells analysis.The reasons for Dingtai New Material sales include that improving the operating conditions,improving the management level and the market.Field influence,optimistic attitude to the logistics industry.In addition,by using event study method,financial index method and EVA evaluation method to analyze the performance before and after S.F.backdoor listing in depth,it is concluded that the backdoor listing has been recognized by investors and has brought positive effects to enterprises in the short term,and all aspects of S.F’s capabilities have been improved with the help of capital market after backdoor listing in the long run.The value of EVA behind the shell is greater than 0,which shows that while expanding the scale of operation,the capital cost of S.F.has also been well controlled,reaching the minimum reward required by shareholders.All in all,backdoor listing has a positive impact on S.F.and other express delivery companies.Reasonable backdoor is a listed financing method that the express delivery industry can learn from.