Financial Performance Analysis Of SF Express Backdoor Listing

In the environment of rapid economic development,people’s demand for online shopping has increased significantly,driving the development of China’s express industry.With the development of express industry,the competition among express enterprises is becoming increasingly fierce.Due to the limited market,in order to expand the scale and occupy a larger market share,express enterprises have chosen to go public,and mainly backdoor listing.Compared with traditional IPO,backdoor listing has simpler approval process and shorter time,so it is favored by express companies.SF express is in a leading position in the industry and has great influence.Through backdoor listing and financing,it can not only promote its own benign development,but also provide experience for other express companies.Therefore,it is of practical significance to study the impact of backdoor listing of SF express on its financial performance.On the basis of literature research,this paper expounds the relevant concepts and basic theories of enterprise backdoor listing,and focuses on the motivation analysis from the backdoor side.This paper holds that the performance evaluation of backdoor listed companies should follow the four principles of comprehensiveness,feasibility,importance and development,and should be studied by combining financial performance with non-financial effects.Financial performance research should be evaluated from four aspects: solvency,profitability,operation ability and development ability.Therefore,13 financial indicators are selected from the above four aspects to construct the financial performance evaluation index system.Factor analysis is used to determine the index weight,form the factor score function and verify it.Non-financial indicators are selected from three aspects: technical capital investment,comprehensive quality of employees and enterprise salary.Using the above evaluation system,select the financial indicators of SF express from 2014 to 2020 to evaluate its financial performance before and after backdoor listing vertically and horizontally.It is found that the solvency,operation ability and development ability of the enterprise have improved,the profitability has decreased,and the overall performance level has decreased;Comparing the financial performance of SF express with the level of the express industry,it is found that in the years when the comprehensive score of SF express decreased,the industry environment was also in a rapid downward trend.However,even in this competitive environment,the comprehensive score of enterprises continued to distance from the industry average,and the industry ranking was rising frequently,In the analysis of non-financial effects,it can also be found that enterprises still maintain their investment in R&D after backdoor listing,and pay equal attention to the cultivation of talents.Therefore,this paper believes that the financial performance changes of SF express after backdoor listing are more optimistic,and backdoor listing has a positive effect on it.Finally,this paper puts forward the following suggestions for SF express:enterprises should further improve the utilization rate of funds,strengthen cost control,and strengthen efforts to find growth points of sustainable growth,so that enterprises can create higher value.