A Study On The Factors Affecting The US Withdrawal In The Internet

From the beginning of the last century since the beginning of the 90’s, the Chinese concept stocks landed in the U.S. stock market has more than 20 history. With the development of China’s economic and technological development, the United States has also changed the type of listed companies, from the initial manufacturing mainly to the high-tech industry and the Internet industry as the main. But with large listed tide and is the concept stocks "winter", starting from 2011 concept stocks in the U.S. stock market appeared first large-scale delisting tide concept stocks continue to withdraw from the market management in the USA in the 2011-2015 within 5 years the number of companies delisting is the concept stocks in the United States listed for more than 20 years to delisting of 8 times as much, the Internet companies accounted for about one-third of the proportion of. Therefore, this paper to delisting Internet concept stocks as the object of study is analyzed. 2011 the beginning of the tide that retreat city in addition to a large number to Chinese Internet enterprises company passive delisting, there is no lack of many high-quality Internet company, take the initiative to withdraw from the private sector, not only make many enterprises in China and in almost shares investors suffered heavy losses, and to the business for the United States market in concept stocks overall reputation caused serious impact. Based on the present situation of large-scale delisting in Internet stocks, in-depth study of the influence factors of delisting, the delisting cause analysis, has strong theoretical and practical significance.Based on the Chinese and foreign scholars for delisting theory and concept stocks delisting problem analysis, this paper first from the internal and external factors of the two aspects of qualitative analysis of the privatization initiative and passive delisting delisting two delisting types of delisting reasons. Then the method of comparative analysis, comparative analysis on the financial characterist ics of the listing and delisting delisting takes stock of the Internet, to the depth of the Internet shares in the U.S. stock market delisting factors. Indicators of change rate of China’s delisting finally once again to build multivariate logit model to different types as the dependent variable, select the delisting of a year of total assets(LNA), before the delisting of a year of free cash flow(lncashf, whether four audit(AU), before the delisting of a year of asset return rate(ROA), before the delist ing of a year of price earnings ratio(PE) as a measure of the internal factors of the index, the delisting of before 3 months of the S & P index change rate(SP500 delisting a quarter of GDP(GDP) as a measure of external factors, on the Internet in almost shares of American stock market delisting effect factors were analyzed. Also consider to Internet concept stocks have been delisted in an attempt to return to the status quo of China’s stock market, innovation introduced China’s stock market of Internet enterprise valuation(PE C), analyze the valuation of the stock market of our country on the Internet listed companies will have an impact on the Internet the Chinese concept stock delisting.Integrated the qualitative and quantitative analysis, that Internet company quality poor, small and medium-sized enterprises more easily passive delisting, free cash flow is high quality Internet Chinese enterprises to privatization initiative delisting, undervalued is Internet concept stocks before the delisting of universal phenomenon, Internet concept stocks more intense competition more easily lead to delisting, the U. S. stock market decline to promote Internet concept stock delisting, China’s economic growth slowed to promote Internet concept delisting of shares, China’s stock market on the value of the Internet industry overestimate prompted the Internet concept stocks of the delisting of the conclusion.From warmly pursued to encounter frequent short, from several times to the United States listed the tide to unprecedented for the first time the tide that retreat city, this paper argues that the Internet concept stocks in American stock market delisting factors should cause investors and investor attaches great importance to, based on the above conclusions, this paper suggests by Internet concept stocks in the future to the United States listed must know the enemy and know yourself, think twice, and at the same time to keep the faith, recharge your batteries in order to achieve healthy continued listing, and revive the concept stocks of reputation. For China’s capital market, it is necessary to establish and perfect the delisting system in China’s stock market; also for concept stocks large-scale delisting of the phenomenon, the capital market of our country should also be timely launch of the international board, guide enterprises listed overseas return to A-share market.