Study On The Path Selection And Benefitof Chinaconcept

Since 2010,the company has experienced a rare crisis of confidence in the United States,prompting the share price of the shares plunged,have opted to retreat to the domestic capital market.In 2015,with the successful demolition of the VIE structure by storm Technology and the listing on the gem,it set a record of 30 trading boards,sparking a flurry of Chinese-stock returns,with more than 30 shares announcing a privatisation offer at the end of 2015.The successful return of Qihoo 360 in 2017 again stimulated the enthusiasm for the return of the Chinese share,as at the end of 2017,more than 40 shares announced the offer to privatize.There are four main types of regression:IPO,backdoor listing,split listing,merger and acquisition.And also in the continuous innovation,the future return of the enterprise has a variety of path choices,and there are differences between the path,it may affect the return time,the return process,the possibility of return to success,and even the future development of the company and capital operations will have an impact.This paper focuses on the main path of backdoor listing and the innovation path of new Sanbanxi merger and IPO.By comparing the differences between the two paths in supervision,time difference,payment method and value "creation",this paper studies the reasons and the effect of the selection of various routes,and helps to select the appropriate regression path for the mid-share with the return intention.This paper chooses the perfect world and the century good edge as the representative case to carry on the verification,first,from the policy supervision,the strategic plan and so on analysis chooses the path the reason;Secondly,the analysis of these two paths to the company in the time span,operating conditions,corporate value of the effect of how;The paper summarizes the two companies in the path selection and effect.This paper concludes that:(1)The Perfect World company has large volume,strong profitability,in line with the requirements of the backdoor listing,the choice of the path makes the company value greatly improved,the strategic synergy effect,and shorten the return time;(2)The company's poor performance,can not meet the backdoor listing requirements,As the strategic transformation needs a lot of funds,so choose the return path of mergers and acquisitions,to achieve a rapid return,and integration of business-generated business synergies,the company's valuation has also been improved.Through the study this paper puts forward the following suggestions:(1)The regulator should relax the listing threshold,perfect the new Sanbanxi,actively guide the stock return;(2)with strong profitability and financial strength,the proposed adoption of a high success rate of the backdoor listing path,the company's poor performance,lack of funds,The low profitability can choose the new Sanbanxi with lower threshold of the merger and acquisition,quickly obtain financial support and complete the return at an early date;(3)The risk is even smaller for the financial investors to suggest that the return of the merger should be made.