Research On The Motivation,Path And Economic Consequences Of The Return Of China Stocks

Due to the institutional differences in capital markets at home and abroad,since the 1990 s,a large number of Chinese enterprises such as Sina,Netease and Sohu went abroad to raise funds for listing.These Chinese companies with Chinese backing and listed on overseas capital markets are known as China concept stocks.However,with the reform and development of China’s capital market,from 2010,a considerable number of Chinese companies began to plan to return to the domestic capital market.Why are companies rushing to list overseas returning? Is regression a rational choice? This phenomenon of "rising tide" and "falling tide" has attracted wide attention in the academic circle.However,due to the short time of the rise of the regression tide,no complete and satisfactory conclusion has been reached on the causes,paths and economic consequences of the regression of Chinese stocks.For example,in the aspect of regression motivation,the existing researches are mostly simple enumerations without logic,and tend to value factors rather than political motivation analysis.In the study of regression path,it tends to research on backdoor listing or asset acquisition,while there are few conclusions on other paths,such as spin-off listing and overall IPO.In terms of the economic consequences of the return,there are even fewer well-researched conclusions.At the same time,the return of China’s stock market has a certain impact on the domestic capital market,such as the irrational speculation of shell resources,excessive valuation of the capital market bubble,and so on,the relevant regulatory authorities issued a series of documents to regulate and guide the return of China’s stock market.However,the return of Chinese concept started soon,whether it is worth the return,how to return,return what impact is still running in the "return to China" on the road of the doubt.In the early regression of Chinese stock,most of them chose to return by backdoor listing or asset acquisition,but less choose IPO or spin-off listing.In October 2018,mindray medical,A senior Chinese concept stock that was listed on the New York stock exchange,returned as an overall a-share IPO,which attracted wide attention from all walks of life and provided A good opportunity for us to study the issue of Chinese concept stock regression.Therefore,by analyzing the case of mindray medical IPO return,on the basis of the theory of cost benefit analysis framework,from two aspects: political,economic,to study its return motivation,advantages and disadvantages from combing its successful overall a-share IPO return path,from the enterprise itself,the other is stock,industry competition and the capital market point of the economic consequences of A comprehensive evaluation of its return to may.Finally,on the basis of summarizing the conclusion of the whole paper,this paper puts forward some inspirations from the perspectives of Chinese concept stocks,investors,industry competitors,policy makers,etc.,in order to theoretically enrich the research on the causes and paths of Chinese concept stock regression,and improve the research on the influence of Chinese concept stock regression on different subjects.In practice,for other running on the way back to provide experience and reference,promote the healthy development of the market;At the same time,it explores the change of government system and provides policy evaluation and Suggestions for policy makers.This paper finds that: from the perspective of the motivations for the return of Chinese probable stocks,the favorable domestic policies in politics,the differences in domestic and foreign regulations,the differences in economic valuation,the high maintenance cost of listing,the short selling risk and the differences in industry development are all important motivations for the return of Chinese probable stocks.From the perspective of the research on the path of concept stock regression,IPO is a reasonable choice made by mindray medical company under the analysis of its own advantages and disadvantages and external policy environment,which is worthy of reference for the Chinese concept stock with favorable conditions and policy support.From the perspective of the economic consequences of the return of Chinese concept stocks,mindray medical has improved itself in terms of market level,financial level and management level,which has played A driving role for other Chinese concept stocks and a-share competitors in the medical device industry,while its influence on the capital market has pros and cons.In addition,from the perspective of policy evaluation,the relevant policies introduced by the current capital market are conducive to the regression of Chinese concept stocks in a healthy and feasible way,and also conducive to injecting new vitality into the domestic capital market.At the same time,we can also see from the regression process of mindray medical treatment that the regression process of Chinese concept stocks and the supervision of China’s capital market are a process of mutual dynamic influence,and relevant rules and regulations are gradually improved in this interaction.