Research On The Path Of Chinese Concept Stocks Returning To A Shares And Their Financial Effects

China's IPO has always implemented the "approval system",for the early establishment of the Internet and high-tech enterprises,business development needs a large number of funds,strict audit system,it is often difficult to raise sufficient funds in China.However,the "registration system" of overseas stock market has become the financing channel of choice for many domestic enterprises due to its simple review and short approval time.Since 2005,Chinese concept shares have experienced a wave of listing boom,but in 2010,The Muddy Waters?Hawthorn and so on as the representative of the institutions wantonly do the air concept shares of enterprises,Chinese concept shares of the number of transactions is not high,the share price is also low,enterprises often encounter the embarrassment of discrimination.At the same time,under the influence of the national strategic and national policy called for the outstanding enterprises to return to a-share market is more clear,in such A backdrop for any shares in the a-share market return,many enterprises will become the best choice.In 2015,Focus media returned to the A-share market through backdoor listing,becoming the first Chinese concept stock to return to the a-share market and achieving good financial effects.This paper studies the regression path of focus media and the financial effect after the regression from six parts: Firstly,the research background and significance of this paper are indicated,and the proper terms and theoretical basis involved in this paper are elaborated.The research results of domestic and foreign scholars are taken as the theoretical basis of this paper.Secondly,it analyzes the motivation and path selection of Chinese concept stocks' return to a-share market,and the correct path selection of focus media's return provides more practical support for other Chinese concept stocks' return.After that,the good market effect brought by focus media after the return was analyzed to give good regression confidence to other concept stocks in the proposed return.Finally,the author puts forward some suggestions for the future growth of Chinese enterprises,Chinese capital market and Focus media.Through the case analysis,it aims to form a good reference for other Chinese concept stock enterprises,and provide a reference basis for improving relevant domestic theoretical research.