Study On The Motives And Listing Patterns Of China’s Express Enterprises

For the express industry,at this stage is a small profit,no profit,competitive market,homogeneous competition has brought a series of vicious price war,the merger and reorganization of the express industry is an inevitable trend.In view of the scarcity of the listed identity and the capital support brought by the listing,the successful listed enterprises will gain a great advantage in the merger and reorganization of the express industry in future.Therefore,2016 became the first year of the express enterprises tried to be the first listed.However,it is precisely because of the upsurge in the listing of the express industry in china,there are few special case studies on express industry,the study on the motives and listing patterns of China’s express enterprises is not perfect,so this paper studies the motives of the listed enterprises and their choices of the listing patterns,to explore the inherent relationship between the two and fill the gaps in the current industry research.This paper uses comparative analysis to analyze and study the listing motives and patterns of the listed enterprises in the express industry.Through the comparative analysis of three successful listed express enterprises,studying their listing motives and patterns comprehensive and systematically,analyzing the differences between the three enterprises listing motives and patterns,to study the internal mechanism of the different listing motives leads to the different listing patterns.On the basis of clarifying the internal mechanism,starting from the different listing motives of express enterprises,listing the possible listing expectations,the optimal listing pattern and the possible listing effect are deduced,it will serve as a reference for the listed express enterprises.After many cases studies and analysis,this paper finally draws the following conclusions:(1)There are some differences in the motives of the listed enterprises in the express industry except financing motive.The motives of the listed enterprises may include governance motive,capital motive and strategic motive.(2)On the basis of different listing motives,express enterprises should choose different listing patterns,because the internal mechanism exists between the listing motives and listing patterns.On the one hand,there are basic differences between listed companies on the backdoor listing;on the other hand,IPO has its own advantages and disadvantages in different capital markets.In this paper,the internal mechanism of these two aspects is summarized.(3)The different listing motives of the express enterprises can lead the enterprises to choose different listing patterns,so as to achieve the desired listing effect.In addition to financing motive,the express enterprises with governance motive for the quick listing speed,seeking value-added enterprises at the same time to obtain significant Dilution Effect of the listing expectations,may be more appropriate to use"Backdoor listing in the Shanghai Stock Exchange Main Board" listing pattern;the express enterprises with capital motivation for the quick listing speed,small Dilution Effect,good market performance and low cost of the listing expectations,may be more suitable "Backdoor listing in the Shenzhen Stock Exchange SME Board" listing pattern;the express enterprise with strategic motive is more likely to choose the listing pattern of "Overseas IPO" because of the fast listing speed,low listing threshold and gaining international fame of the expectation.