Analysis On The Motivation And Financial Effect Of The Backdoor Listing Of Shunfeng Holding

In recent years,with the rapid development of e-commerce platform,people began to prefer convenient online shopping,making logistics an indispensable part of the shopping process.Although China's logistics industry started late,it develops rapidly and has a promising future.Since 2010,the logistics business volume has grown by more than 50% for six consecutive years,and the competition within the industry has become increasingly fierce,hoping to become the industry leader.2016 is known as the first year of express delivery industry.Industry giants have successively entered the capital market through backdoor listing,aiming to obtain financing qualification,improve enterprise competitiveness and consolidate industry status.At the same time,compared with IPO,backdoor listing has the characteristics of low threshold and short time,which has become the preferred method for many enterprises to list.In this context,Shun Fung Holdings chose to enter the capital market with Dingtai new material as the backdoor to obtain financial support for its subsequent development.Based on the research background of Dingtai New Material Co.,Ltd.,this paper makes a comparative analysis on the motivation and financial effects of the backdoor listing of Shunfeng.First of all,this paper introduces the significance and background of the topic,reading relevant literature at home and abroad,summarizing and commenting,combing research ideas and methods,and building the research framework of this paper;secondly,it introduces the definition of backdoor listing,and collects relevant theories,so as to provide a theoretical basis for the analysis of market motivation and financial effect;thirdly,this paper introduces the backdoor listing of Shunfeng Based on the case of the city,this paper analyzes the backdoor and the seller comprehensively,and then obtains the motivation of this backdoor listing;then,by querying the annual and quarterly reports of several years before and after the listing of Shunfeng,it analyzes the financial performance,compares the changes of financial indicators and capital structure before and after the listing,and uses EVA evaluation system to supplement the analysis of financial performance.Finally,through the comparison,we find that the backdoor listing brings significant financial effects and market performance significantly improved.However,there are still some deficiencies in this backdoor listing,so the paper puts forward targeted suggestions for the future development of SF.At the same time,on this basis,it also gives suggestions to the private express companies that have been listed and not listed.