The Performance Study Of Backdoor Listing On China Express Enterprises

In recent years,the volume and income of China express industry have been soaring constantly,leveraging on the vigorous development of e-commerce and the strong support of national policies.According to statistics,in 2014,China surpassed the United States in business volume and became the world's largest express country.In 2016,the Four Giant in express industry,namely STO Express,YT Express,SF Holding,and Yunda Express,chose to enter the capital market through backdoor listing.Based on Signal Theory,Synchronic Effect Theory and Agent Theory,This paper analyzes the basic concepts,existing factors and the transaction modes of Backdoor Listing.Meanwhile,in order to observe the change of performance of the enterprise before and after listing,this paper uses Event-Study Analysis and Analytic Hierarchy Process to measure the short term and long term performance of enterprise.With the example of SF Holding,this paper introduces the basic information about SF Holding at first,then analyzes the motivations and process of backdoor listing transaction,and finally explains the change of performance of enterprise.This paper draws the following conclusion through an individual example: First,both parties of the transaction are of specific characteristics.Second,they do the transaction because of multiple motivations;Third,backdoor listing is beneficiary to each party both in short run or in long run.