Research On The Motivation And Economic Effect Of Mingyang Smart Energy’s Return To Domestic Capital Market

The financing environment of U.S.stock China concept stocks（referred to as "China concept stocks"）is still severe.At the same time,the reform of the domestic capital market continues to deepen and the mechanism is gradually improved.At the regulatory and the stock exchange aspects,the domestic capital market has made active preparations to undertake the return of China concept stocks.In this context,many highquality China concept stocks have voluntarily withdrawn from the US capital market,but the number of China concept stocks that have successfully returned to the domestic capital market after privatization is limited.Studying the issues related to the return of China concept stocks is of great theoretical significance for improving the relevant systems for the return of China concept stocks and promoting the healthy development of the domestic capital market.At the same time,it has practical and reference significance for China concept stocks that intend to return,on the way back and have already returned and for market supervision departments.Based on this,this paper takes Mingyang Smart Energy Group Co.,Ltd.（short name “Mingyang Smart Energy”）’s return as an example to analyze the motivation and economic effect of its return to the domestic capital market.This paper is mainly divided into five parts.The first part is the introduction,which mainly sorted out the relevant literature on the reasons for the return of China concept stocks and the economic effects after the return,determines the research content and methods of this paper,and clarifies the research ideas.The second part is the relevant concept and theoretical basis.Find out the theoretical basis of this paper.Different from the existing research,this paper further summarizes the mechanism of economic effects after the return of China concept stocks.The third part is the motivation of Mingyang Smart Energy’s return,briefly introducing the general situation of Mingyang Smart Energy,the choice of the return path and the return process,and summarizing the reasons for the return of Mingyang Smart Energy.The fourth part is the analysis of the economic effect of Mingyang Smart Energy after its return.It uses the comparative analysis method to analyze the market effect,enterprise value and financial effect of Mingyang Smart Energy after returning to the domestic capital market,and further uses the entropy weight method to analyze its comprehensive financial effect.The fifth part is the research conclusion,suggestion and prospect,summarizes the previous analysis results to form the research conclusion of this paper,and puts forward suggestions for improving the economic effect of Mingyang Smart Energy.after the return.This paper puts forward my humble opinions for China concept stocks that plans to return,on the way to return and have returned.Finally,points out the shortcomings of this study,and puts forward research prospects.The research results show that Mingyang Smart Energy returned to the domestic capital market based on the strict foreign policy environment,the domestic loose policy environment,the valuation difference between the Chinese and American capital markets,to improve enterprise value,meet financing needs,and reduce listing costs.After its return to the domestic capital market,the short-term market effect is remarkable,and the long-term market effect is also rising in the fluctuations;the stock price has risen all the way,the price-to-earnings ratio is higher than the industry average,and the valuation of enterprises has been greatly improved.Various financial capabilities have been improved to varying degrees,of which profitability and development capabilities have increased significantly,debt servicing ability and operational capacity need to be further improved,and comprehensive financial effects have been effectively improved.Based on the above research conclusions,this paper proposes that Mingyang Smart Energy should strengthen the market value management of the product market and the capital market,improve the efficiency of capital management through reasonable financing,and improve the efficiency of investment by appropriate foreign investment.In addition,this paper hopes that the enlightenment obtained by analyzing the reasons for the return of Mingyang Smart Energy and its economic effects can provide some practical references for China concept stocks who plan to return and have returned,market supervision departments and for investors.