I
摘 要
我国快递行业企业的业务数量2015年累计达到206.7亿件，相比去年增长48%，
业务收入累计达到2769.6亿元，相比去年增长35.4%。互联网购物的迅速发展，造就了
快递行业订单的迅猛递增，同时各大互联网电商凭借其自身的货源优势，增强与快递企
业的讨价还价能力，压低单件快递价格。快递企业经营范围大同小异，提供的产品服务
差别小，无法满足消费者的个性化需求，整个行业的利润被摊薄，利润下降甚至部分企
业出现亏损。物流行业属于劳动密集型产业，入行门槛低，产品服务差别小，行业利润
逐渐降低。2015年我国资本市场上出现了第一支物流快递企业股票—申通快递，申通快
递采用借壳上市，申通快递借壳上市打破了原来的物流快递企业市场格局，占领市场份
额大头的圆通快递、韵达快递、中通快递纷纷紧追其后也进行资本运作，圆通快递和韵
达快递选择国内借壳上市，分别借大杨创世和新海股份上市，中通快递选择赴美国上市，
中国民营快递企业上演上市热潮。随着国家经济的转型升级，消费者的需求变化，民营
快递企业仅依靠自身的资金实力在竞争的激烈市场中保持着原来的市场份额难度加大，
必须融入大量的资资本，帮助企业扩大经营规模，实现产品服务的多元化，建立现代信
息服务平台。IPO上市要求严格，审批等待时间长；借壳上市时间短，条件相对宽松，
因此圆通、申通、韵达及顺丰纷纷借壳上市进行融资
本文通过案例研究法，选取顺丰控股企业借壳上市作为案例研究对象，借鉴国内外
借壳上市的相理论，分析顺丰控股借壳上市的模式及壳资源的选择标准；采用文献查阅
法研究快递行业的发展现状，梳理占据较大市场份额的快递企业之间的经营状况，分析
顺丰控股借壳上市的动因；通过比较分析法分析顺丰控股企业借壳上市前后的财务表
现、股权结构，分析顺丰借壳上市对顺丰控股企业的影响。基于对顺丰控股借壳上市的
案例研究，为其他待上市的快递企业提供经验借鉴
关键词：借壳上市 顺丰速递 动因 绩效
II
Abstract
In 2015, the total number of service enterprises in China's express-delivery services
totaled 20.67 billion units, up 48 percent from the same period last year, and the total business
revenue totaled 276.96 billion yuan, up 35.4 percent every year. The development of
e-commerce has led to the growth of the express delivery industry. Meanwhile, the
e-commerce industry has used its own source advantage to drive down the price of express
delivery, resulting in a decline in the single price of the express delivery industry.The
homogenization competition between express delivery enterprises intensifies, and presents a
trend, incorporation and loss.Logistics industry is a labor-intensive industry, private logistics
enterprises in China mainly include cross, the enterprise, the logistics enterprises backdoor
eddy west 2016 listed as China's capital market on the first logistics enterprise shares, Yuan
Tong, Yun Da, followed by Yuan Tong backdoor listed, China's private enterprises are listed,
and even motion has always claimed that insist on not listed backdoor Ding Tai on the market.
Paper, through comparative analysis, case study, literature review method, analyzes
suitable abundant speed luck backdoor listings, analysis of logistics enterprises backdoor
listings, risk, process and performance analysis etc, for the future public Zhongt Tong,
just-in-time, express delivery, every day forever, Hui Tong logistics enterprises to provide
reference and reference.The specific contents of this article include:
First chapter is introduction, this paper briefly expounds the thesis research background
significance and related literature review, case along abundant backdoor listing of the second
chapter, briefly expounds the background of the case, the backdoor listing of the operation
process, etc., the third chapter for suitable abundant speed luck backdoor listings analysis,
mainly from the listed the feasibility and rationality of motion, financial risk analysis,
corporate performance, and other aspects, the fourth chapter for the Revelations from the
enterprises backdoor listings motion, the choice of shell resources, backdoor listings, such as
the pros and cons of the final through case concluded the backdoor listing of enterprises and
for other motion for logistics to provide Suggestions and countermeasures.
Investment practice significance of this study can provide a reference for other logistics
enterprise competitors, help other logistics enterprises adjust their strategy planning or public
way.
Key Words: Back Door Listing, SF Express, Motivation, Performance
III
目 录
摘 要 ....... I
AbstractII
图表清单 ........... V
第一章 绪论 ...... 1
1.1 研究背景和意义 . 1
1.1.1 研究背景 ...... 1
1.1.2 研究意义 ...... 2
1.2 文献综述 . 3
1.3 研究方法与内容 . 5
第二章 顺丰控股借壳上市案例介绍 .. 8
2.1 快递行业发展概况 ......... 8
2.2 壳公司—鼎泰新材 ....... 10
2.3 拟借壳公司—顺丰控股 ........... 10
2.4 顺丰控股借壳上市过程 ........... 11
2.4.1 重大资产置换 ........ 11
2.4.2 发行股份购买资产12
2.4.3 募集配套资金 ........ 13
2.5 本章小结 ........... 14
第三章 顺丰控股借壳上市案例分析15
3.1 借壳上市动因分析 ....... 15
3.1.1 利好政策环境的推动 ........ 15
3.1.2 激烈的行业竞争压力 ........ 16
3.1.3 顺丰控股的自身融资需求因素 .... 19
3.1.4 IPO时间过长 ......... 22
3.2 壳公司—鼎泰新材合理性分析 ........... 23
3.2.1 股权结构 .... 23
3.2.2 经营状况 .... 26
3.3 顺丰控股借壳上市绩效分析 ... 27。