Research On Motivation And Performance Of Yunda Express's Backdoor Listing

In recent years,with the reform and development of the socialist market economy with Chinese characteristics,the Internet economy is also rising rapidly,and the express industry in China has stepped up to a new level under the impetus of the Internet.Because the profit model of express industry is basically the same,the profit decreases year by year,and the phenomenon of homogeneity is serious,it is difficult for enterprises to meet their expansion needs only by their own capital.As a result,several major domestic express companies have sought to be listed in order to obtain the capital needed for long-term development.There are two main ways for Chinese enterprises to go public: IPO and backdoor listing.Because of the long time and trivial process of IPO listing,backdoor listing has the advantages of short time,low cost and simple operation.Therefore,in the boom of the express industry listing in 2016,Shentong,Yuantong and Shunfeng choose to "borrow" listing to enter the capital market,and their competitiveness is becoming stronger and stronger.Faced with this situation,Yunda Express also adopted the "backdoor" listing way to enter the capital market.After "backdoor" listing,Yunda Express actively embraced the capital market in order to seek better development opportunities.In this paper,Yunda Express "backdoor" Xinhai shares as a case for analysis.first of all,the "backdoor" both sides of the industry are described,Then it introduces the development process,ownership structure and financial situation of both sides,and combs the process and specific scheme of "backdoor" of Yunda Express;secondly,it explores the motivation of "backdoor" Xinhai of Yunda Express;thirdly,this paper uses the method of event study,financial performance and non-financial performance analysis to explore the performance before and after "backdoor" : Event research method is used to study short-term market performance.SPSS software is used to conduct empirical analysis.By comparing the expected market return rate with the actual return rate calculated,the impact of the "backdoor" event on the company's value is analyzed.The financial performance analysis method judges whether the "backdoor" listing can improve the performance of Yunda Express by comparing its own vertical performance before and after the "backdoor" and the horizontal financial performance of the same industry after the "backdoor" listing.Finally,this paper draws the conclusion that the "backdoor" event has increased the value of the company;the overall performance of the company has been improved after listing,which is in line with the original intention of the "backdoor" listing.