Financial Performance Evaluation Study Of The Shell Listing Of Yunda Express

Nowadays the courier industry is in full swing driven by e-commerce,but the current pressure on the industry as a whole should not be underestimated,and the long-term development of courier companies must pay attention to it.Vicious competition will not only promote the development of the courier industry,but will be counterproductive.Therefore,the transformation and upgrading of the courier logistics industry has been urgent,must find a new direction of development to deal with the crisis.This thesis takes the case of the shell listing of Xinhai by Yunda Express as an example.Firstly,the introduction part clarifies the background and significance of this thesis,then summarizes the literature on shell listing at home and abroad,and combines the more common performance evaluation methods at home and abroad in the selection of research methods.The main section provides a detailed introduction to the company profile,transaction motivation,and specific transaction process of both parties,and then analyzes the financial performance of Yunda Express before and after the shell listing into short-term performance and long-term performance to evaluate whether the financial performance of the company has been improved after the shell listing.The short-term performance evaluation selected the event study method to analyze the stock price changes before and after Yunda’s shell listing and to calculate the cumulative excess return after the shell listing,and the results showed that the event of shell listing produced a good market response to Yunda’s stock price.Long-term performance evaluation was conducted by using three methods: financial indicator analysis,Du Pont analysis,and EVA evaluation,and the financial data of Yunda Express from 2015 to 2020 were brought into the ratio formula to conduct a comprehensive performance evaluation,which concluded that the long-term financial performance growth was not significant and analyzed the reasons for it.Finally,the evaluation results are summarized,and conclusions are drawn from them to make relevant and effective suggestions for other companies to be listed.