Research On Motivation And Performance Of Privatization Regression Of Zhonggui Stock

In recent years,Chinese conceptual stocks have not performed well in overseas capital markets,and because of the information disclosure problems,they have frequently been maliciously shorted by various short-selling agencies,resulting in sharp fluctuations in share prices and then various credit crises.Leading to the lack of investors’ attention.At the same time,the domestic capital market environment has significantly improved,which for Chinese stocks,A-share listing,will be more conducive to brand promotion,but also in a familiar environment to gain more investors’ attention and recognition.As a result,since 2014,overseas Chinese listed companies have set off a wave of privatization and delisting,preparing to return to domestic A The stock market The first enterprise-focus Media,which successfully delisted and returned to domestic capital market,is a typical case,so it is necessary to choose to study the case of focus Media.In this paper,we first sort out and sum up the relevant literature research on the return of Chinese-listed shares,establish some theoretical basis and related industry background for the case analysis,and expound the motivation and performance evaluation method of the return of the Chinese-listed stock privatization.Then the focus Media Company profile and privatization delisting,the dismantling of the VIE structure and backdoor Qixi Holdings return three processes are introduced,with the case study of the whole process of privatization of focus Media.This paper analyzes the motivation of focus media to return to the domestic market from the United States,and analyzes the short-term performance of the company by means of event study,accounting index analysis and EVA analysis.Long-term performance.Finally,on the basis of case analysis,this paper puts forward some enlightenment and suggestions from three angles: supervision level,relevant enterprises and investors.The motivation for the return of the privatization of Chinese-listed shares is mainly in four aspects: one is the high cost of overseas listing;the second is that the market value of the enterprise is undervalued and the enterprise is to enhance the value of the company;the third is to realize the strategic adjustment of the enterprise;Fourth,the vigorous development of domestic capital market and the attraction of policies;After the focus media backdoor listed,no matter from the short-term accounting indicators or long-term accounting indicators to analyze,we can see that the backdoor regression,for the focus media production short-term performance and long-term performance impact is positive.This paper tries to analyze the case of the privatization of focus media returning to A-share,analyzes its motivation and performance,and provides a reference case for the related Chinese-listed enterprises.