会计学院知识库

  近年来，国家相应的出台颁布了多项支持快递行业发展的政策，这对快递行业来说是政策红利，进而带动了快递企业的迅速发展。快递行业的快速发展也带动了我国经济的增长并缓解了就业问题。但是，中国物流产业的发展，也引发了一些问题，比如行业竞争激烈、存在经营同质化现象，企业利润进一步缩小，各大公司仅依靠自有资金难以满足其发展需要。所以，各快递公司为了能在激烈的市场上有一席之地，突出竞争优势，都选择了上市，通常有两种上市方式，一种是IPO，一种是借壳。较IPO上市来说，借壳上市的优势有审批程序简单、其所需要的时间更短等，鉴于此，许多想要上市的公司更倾向于选择借壳，韵达快递公司也不例外。

  本文以物流企业韵达快递作为研究对象。先是剖析其上市原因、上市流程以及当时所在的市场环境，并对韵达集团在借壳前后的业绩进行剖析,首先用经济增加值（EVA）进行分析，然后是平衡计分卡（BSC）的计算与分析，最后是运用事件研究法分析，对韵达快递的市场表现进行了实证分析。既有短期的市场绩效,又有长远的业绩分析,并涉及财务与非财务。将企业的长远和短期的目标有机地结合起来，是比较综合的业绩评估方法，能够提高可信度。这对后面得出结论是非常有意义的。通过研究找到公司存在的提升空间，以其为其他企业提供一个参考。

  研究还得出，在韵达集团完成了借壳上市之后,无论是短期业绩或是长远绩效,都呈现上升态势，企业价值也得到了显著的提升。这增加了更多研究借壳上市的素材，为后续研究提供参考，为其他打算上市的企业提供更多的经验，进一步推动了我国物流产业的发展，相应的也提高了国家的经济实力。

      In recent years, the state has issued a number of policies to support the development of the express industry, which is a policy dividend for the express industry, and thus drives the rapid development of express enterprises. The rapid development of express industry has also driven the economic growth of our country and alleviated the employment problem. However, the development of China's logistics industry has also caused some problems, such as fierce competition in the industry, homogenization of operation, further reduction of enterprise profits, and difficulty for major companies to meet their development needs only by relying on their own funds. Therefore, in order to have a place in the fierce market and highlight competitive advantages, all express companies choose to go public. There are usually two ways to go public, one is IPO, the other is backdoor. Compared with IPO, backdoor listing has the advantages of simple approval procedures and shorter time. In view of this, many companies that want to be listed prefer backdoor listing, including Yunda express.

    This paper takes Yunda express as the research object. First, it analyzes the reasons for its listing, the listing process and the market environment at that time, and analyzes the performance of Yunda group before and after backdoor. First, it uses economic value added (EVA) to analyze, then the calculation and analysis of the Balanced Scorecard (BSC), and finally, it uses the event study method to analyze the market performance of Yunda express. It has both short-term market performance and long-term performance analysis, and involves financial and non-financial. It is a comprehensive performance evaluation method to organically combine the long-term and short-term goals of the enterprise, which can improve the credibility. This is very meaningful for the following conclusions. Through the research, we can find the promotion space of the company, so as to provide a reference for other enterprises.

    The study also concluded that after Yunda group completed the backdoor listing, both short-term performance and long-term performance showed an upward trend, and the enterprise value has also been significantly improved. This adds more materials for studying backdoor listing, provides reference for follow-up research, provides more experience for other enterprises planning to be listed, further promotes the development of China's logistics industry, and correspondingly improves the country's economic strength.