摘 要
电子商务的兴起和快速发展之际，国内快递市场日益强大，刚刚起步的快递企业前景广阔，具有巨大的发展潜力。快递行业不仅与人们的生活息息相关，而且对中国的经济发展有着非常重要的作用，作为我国经济结构转型过程中的重要角色，在供给侧改革不断推进、国家政策支持的背景下，面对激烈的行业竞争，快递业纷纷开始寻求上市之路，希望通过上市进行融资以获得企业发展的资金，为企业注入新鲜血液，促进企业的可持续发展。在我国，有 IPO 上市和借壳上市两种上市方式，由于 IPO 上市门槛过高，门槛较低的借壳上市就成为了很多企业完成上市的首选之路。借壳上市相比较 IPO 上市虽然具有明显优势，但也存在着很大的不确定性。如何选择壳资源、确定借壳上市的方案等等都是成功上市的关键。
作为中国快递行业品牌力最强的顺丰速递公司，一直以标准化、高时效、高质量服务于客户，由于“四通一达”服务质量的提升和价格优势对市场份额的蚕食，以及国际快递巨头实时跟踪、强大品牌、国际市场份额稳定等优势，顺丰面临着严峻的挑战。2017 年 2 月 23 日，顺丰借壳鼎泰新材（002352）正式在深圳证券交易所敲钟，顺丰成功借壳鼎泰新材上市。顺丰借壳上市的成功不仅在整个中国 A 股市场引起了轩然大波，更是对整个物流产业产生了不可忽视的影响。相比较于圆通，中通等其他几个大型快递行业公司，顺丰控股采取了一种与众不同的方式实现成功上市。
本文的研究对象是顺丰借壳鼎泰新材上市这一案例。首先，从分析快递业发展前景和快递业上市情况的背景入手，明确对顺丰借壳上市案例的研究意义。在学习借壳上市相关理论知识的基础上，了解借壳上市的优势。其次，对案例中的交易双方进行介绍，概述顺丰借壳上市的具体过程，顺丰选择鼎泰新材作为壳资源的原因以及借壳上市交易方案的选择。最后，对顺丰借壳上市的动因和鼎泰新材让壳的动因进行分析，通过顺丰借壳上市的有利之处和存在的问题，总结出案例分析的启示。希望能为其他快递企业提供参考，甚至为其他行业的企业提供借鉴，为它们的上市之路带来一些启示。
关键词：借壳上市；顺丰；快递业；资产置换.
Abstract
With the rapid development of e-commerce, the domestic express delivery marketis becoming more and more powerful. The newly launched express business has broadprospects and great potential for development.Express industry is not only closelyrelated to people's life, but also plays a very important role in the economicdevelopment of China. As an important role in the process of economic restructuring inChina.With the fierce industry competition and the support of the nationalpolicy,express industry has begun to seek the way to go on the market .The expressbusiness can attract fresh blood into enterprises and promote the sustainabledevelopment of enterprises. In China, there are two ways of listing on the listing of IPOand backdoor listing. Because of the high threshold of IPO listing, the low threshold ofthe backdoor listing has become the first choice for many enterprises to complete thelisting. Comparing with backdoor listing, IPO listing has obvious advantages, but therestill exists some problems. The key to successful listing is how to choose shell resourcesand identify backdoor listing programs.
F.expressis the most powerful express delivery company in China . S.F.express hasbeen serving customers with its standardized, high prescription and quality. With theforce of service quality of "four links" ,and the encroachment of the price advantage tothe market share, and the real-time tracking of the international express giant, the strongbrand and the stability of the international market share.S.F.express is facing a bigchallenge. In February 23,2017, the new product (002352) of S.F. backdoor Ding Taiwas ringing on the Shenzhen stock exchange. The success of S.F.'s backdoor listing notonly caused a great stir in the A share market of China, but also had a significantinfluence on the whole logistics industry. Comparing with YTO ,ZTO and some otherlarge express industry companies, S.F express has taken a distinctive way to achievesuccessful listing.
This article bases S.F.'s new listing of Ding Tai. First, starting from the analysis ofthe development foreground of express industry and the background of the listing ofexpress industry. We clarify the research significance of S.F.'s backdoor listing case. Onthe basis of learning relevant theoretical knowledge of backdoor listing, we canunderstand the advantages of backdoor listing.Secondly,introducing the two case partiestransaction , summarizing the specific process of the listing of S.F.'s borrowing shell,choosing the reasons for the new material as the shell resource ,and the choice of thebackdoor listing transaction.Finally, the motivation of the listing of S. F.'s borrowing shell and the motivation of the new shell of Ding Tai are analyzed. The inspiration ofthe case analysis is summed up through the advantages and problems of the listing ofthe borrowed shell. I hope it can provide references for other express companies andother industries, and provide inspiration for their listing.
Keywords: Backdoor listing；S.F.Express；Express industry；Asset replacement
目 录
摘 要
ABSTRACT
第 1 章 绪 论.
1.1 研究背景.
1.2 研究意义.
1.3 国内外文献综述.
1.3.1 国外文献综述 .
1.3.2 国内文献综述 .
1.3.3 文献评述.
1.4 研究内容及框架.
1.5 研究创新之处
第 2 章 借壳上市的相关概述 .
2.1 借壳上市相关概念
2.1.1 借壳上市的定义.
2.1.2 壳资源与壳公司.
2.2 反向购买相关概念.
2.2.1 反向购买的定义.
2.2.2 反向购买的特点.
2.2.3 反向购买借壳上市的优势.
2.3 借壳上市相关理论基础.
2.3.1 市场势力理论.
2.3.2 协同效应理论.
第 3 章 顺丰借壳上市案例介绍
3.1 交易双方简介
3.1.1 顺丰速递
3.1.2 鼎泰新材
3.2 顺丰借壳鼎泰新材上市过程
3.3 顺丰选择鼎泰新材的原因
3.4 顺丰借壳方案的设计与选择
第 4 章 顺丰借壳上市案例分析与评价.
4.1 顺丰借壳上市动因分析
4.1.1 融资需求
4.1.2 行业竞争激烈
4.1.3 提高企业知名度
4.2 鼎泰新材让壳动因分析
4.3 顺丰借壳上市的有利之处
4.3.1 调整股权结构，集中发展优势业务
4.3.2 提高营运能力
4.3.3 顺应国家政策，拓展业务范围
第 5 章 顺丰借壳上市案例启示
5.1 选择优质的壳资源
5.2 设计合适的借壳方案
5.3 顺应政策，抓住机遇
5.4 加快上市后的战略调整
5.4.1 提高核心竞争力
5.4.2 形成独特的企业文化
第 6 章 总结.
参考文献
