The Motivation And Performance Analysis Of Qihoo 360’s Return To A-share

At present,after the domestic economy has experienced a period of rapid growth for 40 years,the total economic output has been ranked second in the world,creating a miracle in the history of the world economy.At the same time,the domestic capital market has become more and more perfect with the continuous deepening of the economic system reform,and has gradually entered the fast lane of development.We still remember that at the beginning of this century,a large number of domestic excellent enterprises also very much favored overseas listings.This side reflects the timing and environment of the market is better than the domestic market in the Western market.However,in today’s increasingly prosperous domestic capital market,many companies listed in the overseas capital market due to corporate financing needs have put the main direction back into the country and gradually began to privatize the market.And the transfer board to the domestic main board listed.One of the reasons for this incompetence is that the development of the Chinese stock market in overseas markets has been quite lagging in recent years,and it coincides with the frequent short selling of Lishui and Shannon,which has caused the trust crisis in the stock market.Another reason is the trade friction between China and the United States.The problem of trade imbalance has become an irreconcilable contradiction between emerging economies and established trade powers.This contradiction has affected some of the stocks in the US and China.Today,Western capital markets are generally not optimistic about Chinese concept stocks,and the market reaction mechanism has led to a low P/E ratio for this type of stock.Therefore,since 2015,China Stocks has started a new round of return.In the same year,32 Chinese stocks announced privatization plans,indicating that the market timing has reversed,which means domestic capital market for the strategic development of enterprises.The environment has begun to outperform overseas.However,for China stocks,privatization is not the end.Landing A shares is its ultimate goal.This paper selects the specific case of Qihoo 360 returning to A shares for analysis.The article analyzes the case based on market timing theory and conducts systematic analysis.Through reading the literature,we can find that the financing timing behavior of enterprises is a topic of great concern in the academic world.However,most of the existing researches focus on the capital structure adjustment ofenterprises in a single capital market,and less to combine the multi-capital market.Systematic research on the motivation and performance of the company’s listed financing.Therefore,Qihoo 360’s backdoor case study provides a reference for listed companies to implement capital operations in multiple capital markets.The research method uses case study method,financial index analysis method and EVA value model to sort out the whole process of Qihoo 360 returning to A shares,analyze the motivation of the company’s return to A shares and the overall performance after listing,and point out that its backing path can Demonstrate different types of regression methods for Chinese stock companies.Finally,from the case,explore the differences between the Chinese and American capital markets,what are the incentives for the Chinese stocks to go public in the US and the privatization of some enterprises,the motivations and policies of similar companies to choose to return to A shares,and how the regulators can improve the current dilemma.And in conjunction with the latest capital market regulations and industry policies,provide advice to regulators,mid-capital companies and small and medium investors.Through the case study,this paper draws the following conclusions: Qihoo 360’s return motivation is mainly reflected in the consideration of the higher cost factors of maintaining the listing in the US stock market and the huge return of successful return to A shares;this return event from short-term market indicators to long-term Both accounting indicators and market risk analysis have significant positive performance;it fully demonstrates that the management’s key position in the market is not only bringing huge profits to shareholders,but also adapting to national strategies and market policies,and grasping domestic Internet companies.The golden opportunity for rapid development.However,after comparing the other stocks in the horizontal direction,this paper finds that the short-term market value of their stock price has shrunk dramatically.The return of the previous Focus Media and Giant Network may have the return behavior induced by the arbitrage motive of the corporate controller.Strict screening,to avoid "backdoor" to become the arbitrage tool of the Chinese stocks,A shares to absorb those mature enterprises that are in line with the country’s overall industrial development direction and truly create value to return to the market.