Comparison Of Different Modes Of Private Express Delivery Companies Backdoor Listing Costs And Benefits

As the homogeneity of China's express delivery industry is very serious,the price war between express delivery companies for a long time has caused China's courier industry profits to be continuously diluted.The increasingly fierce competitive situation has made China's express delivery industry have to embark on the road of mergers and reorganization.Because there are certain differences in the backdoor costs and benefits of adopting different models for backdoor listing,how to select a backdoor model suitable for express delivery companies based on the characteristics and needs of private express delivery companies has become a problem for express companies that want to go through the backdoor listing to access the capital market have to think about.This article takes the case of four private express delivery companies listed on the backdoor as the research case.First,it summarizes the backdoor models of the four private express delivery companies and divides them into two groups.Second,the incident research method is used to study the backdoor information leakage against the backdoor.The impact of costs,and the establishment of cost-benefit calculation model to compare the backdoor costs and benefits of different models of express companies;Finally,the use of financial indicators analysis method to compare the different models of private express companies before and after the backdoor listing of financial performance differences.After research and analysis,this paper draws the following conclusions: First,the backdoor model of private express delivery companies is divided into two types: asset sales + additional issuances / exchanges and asset replacements + additional issuances / exchanges;secondly,backdoor information disclosure occurs before express companies are listed on the backdoor.The problem has led to an increase in stock prices and an increase in the cost of backdoors.At the same time,the express delivery companies that choose to sell their assets in reverse are more likely to obtain equity dilution ratios and backdoor cost ratios for their shareholder than the express companies that have used the asset replacement method to backdoor delivery.The backdoor income is even greater;finally,the operating capacity of the four express companies in the short-term financial performance after the backdoor listing has declined,the solvency and growth capacity are on the rise,and the express delivery companies that use the asset sale method to backdoor listing Profitability began to decline,and the profitability of express delivery companies that used shells to replace assets was increased.The purpose of this paper is to compare the costs of backdoor shelling and the backdoor income of the private express delivery companies that are successful under different models,and to provide a reference for the express delivery companies that want to access the capital market.