Study On Backdoor Payment Methods Of Express Enterprises

As an important part of the modern service industry,the express delivery industry is a modern leading industry that promotes the transformation of circulation methods and promotes consumption upgrades.In October 2015,the State Council's "Several Opinions on Promoting the Development of the Express Delivery Industry" was the first time that China has issued a programmatic document for the development of the express delivery industry.It has explicitly proposed to encourage express delivery companies to merge and restructure,integrate resources,and encourage various types of capital to enter the express delivery field.As of the end of 2017,five express delivery companies have successfully entered the capital market,and four of the express delivery companies have achieved listing through backdoors.For backdoor listing,different combinations of payment methods form different trading schemes,directly affecting the success or failure of transactions,and are closely related to the costs of backdoor listing.Although the backdoor listing is a form of M&A,the transaction itself still has a certain degree of particularity.The theoretical results of the M&A payment method cannot be fully applied to the backdoor listing behavior.Therefore,the research on backdoor payment methods of express delivery companies helps to better understand the backdoor listing behavior of companies and provide reference for companies attempting to backdoor listing in the future.In view of the research on backdoor payment methods of express delivery companies,this paper collects a large amount of domestic and foreign relevant literature data,quotes a cost-benefit calculation model,and combines the characteristics of express delivery companies backdoor listing transactions to correct the model.The specific implementation of the research procedure is as follows:This paper selects four express companies that have been successfully backdoor listed as "Shunfeng Holdings,Yunda Freight,Yuantong Express,and Shentong Express" as examples.First,the industry background and system background of the current express delivery companies are briefly introduced;Secondly,taking the payment method as the starting point,the paper analyzes the transaction plan of express delivery companies backdoor listing.Then,based on the literature review,combined with the analysis of the backdoor listing trading scheme in the previous section,the definition of backdoor listing costs and benefits of the express companies studied in this paper is defined.Through reference and revision of a cost-benefit calculation model,we calculated the equity dilution ratios,backdoor cost ratios,equity value investment appreciation ratios,stock-listing investment appreciation ratios,and equilibrium share prices under the different payment method combinations of the four express delivery companies.Analysis;Finally,the evaluation of the effectiveness of the four express delivery companies backdoor listing payment method portfolio,and based on the conclusions of the study,the company intends to backdoor listing of the company's future intentions of practical significance.