MBA教育中心知识库

   互联网购物使得人们生活更加简单、方便，随着网络购物订单的持续增长，快递作为连接网络购物买卖双方的桥梁，其需求量快速增加，快递行业各家企业为快速获取在快递行业中的市场占有额，不得不采用价格战，这使得部分企业利润下滑，面临亏损，最终结果就是使整个行业的平均利润下降。在此背景下，2015年申通的成功上市，给其他快递公司带来了机遇，顺丰控股等快递企业纷纷借鉴申通上市经验，通过在国外或者国内借壳上市的方式来获取构建快递产业壁垒所必须的资金，中国民营企业快速上市一度成为潮流。

   本文选择对顺丰控股借壳上市的案例进行研究，回顾其借壳上市的交易过程以及上市后所开展的运营调整工作，从而研究此次借壳上市行为主要对本企业财务绩效的影响。本篇文章总共由五部分构成。首先介绍顺丰控股借壳上市绩效研究的目的及意义，并表明笔者在研究过程中的思路与框架；其次阐述借壳上市研究过程中包含的相关概念以及涉及的理论基础；再次，通过回顾顺丰控股借壳上市的案例，对交易过程进行阐述，剖析顺丰控股选择借壳上市动因及上市过程，和顺丰控股在上市前后所做的经营管理上的调整；然后利用财务指标分析法和EVA评价法进一步挖掘顺丰控股借壳上市前后的财务绩效变化以及背后的原因；最后对研究结果进行总结归纳，并阐明此次研究的结论及启示。

   通过对顺丰控股借壳上市动因、上市后经营结构的调整、财务绩效变化以及出现的问题进行深入分析后，对想要借壳上市的民营企业是否需要通过借壳上市扩大企业规模、实现资源整合以及在借壳上市过程中需要关注的问题提出建议。同时通过对鼎泰新材进行了分析，推断出作为优质“壳”的一些特点，为我国后期想要借壳上市的民营企业提供了借鉴。

     Internet shopping makes people's life simpler and more convenient. With the continuous growth of online shopping orders, express, as a bridge connecting online shopping buyers and sellers, its demand increases rapidly. In order to quickly obtain the market share in the express industry, enterprises in the express industry have to adopt a price war, which makes some enterprises decline in profits and face losses. The final result is to reduce the average profit of the whole industry. In this context, the successful listing of Shentong in 2015 has brought opportunities to other express companies. Express companies such as SF holdings have learned from Shentong's listing experience and obtained the funds necessary to build express industry barriers through backdoor listing abroad or at home. The rapid listing of Chinese private enterprises once became a trend.

    This paper chooses to study the case of SF holding's backdoor listing, review the trading process of its backdoor listing and the operation adjustment after listing, so as to study the impact of this backdoor listing on the performance of the enterprise. This article consists of five parts. Firstly, it introduces the purpose and significance of the research on the performance of SF holding's backdoor listing, and shows the author's ideas and framework in the research process; Secondly, it expounds the related concepts and theoretical basis involved in the research process of backdoor listing; Thirdly, by reviewing the case of SF holding's backdoor listing, this paper expounds the transaction process, analyzes the motivation and listing process of SF holding's choice of backdoor listing, and the adjustment of SF holding's operation and management before and after listing; Then the financial index analysis method and EVA evaluation method are used to further explore the changes of financial performance and the reasons behind the backdoor listing of SF holdings; Finally, summarize the research results and clarify the enlightenment.

     In a word, through the in-depth analysis of the motivation of SF holdings backdoor listing, the adjustment of business structure after listing, the changes of financial performance and the existing problems, this paper puts forward some suggestions on whether private enterprises who want to backdoor listing need to go through backdoor listing and the problems that need to be paid attention to in the process of backdoor listing. At the same time, it also analyzes Dingtai new material, infers some characteristics as a high-quality "shell", and provides constructive suggestions for private enterprises that want to backdoor listing in the later stage of our country.