Research On The Motivation And Effect Of Semiconductor Manufacturing International Corporation's Return To The A Shares Market

China concept stock enterprises refer to enterprises that are listed and issued shares in foreign capital markets for financing,but whose main business right or business scope is in China.Since 2010,China concept stock enterprises have been exposed to financial fraud,which has led to the questioning of Chinese concept stocks by the market and investors,forming a trust crisis of Chinese concept stocks.At the same time,the continuous reform and improvement of China's capital market,coupled with the continuous setbacks in the development of China's concept shares in the United States,led to China's concept share enterprises to choose to return to the domestic capital market.The return of China concept stock enterprises has formed a trend.China's capital market provides a variety of options for the return path of China concept stock.The emergence and development of A-share scientific innovation board provides a new return path,that is,qualified enterprises can retain the red chip structure to log in to the scientific innovation board.In the past,the research on the return path of Chinese concept stocks mainly focused on the return mode of dismantling the red chip structure,and there was less research on the mode of retaining the red chip structure.Therefore,the research on retaining the red chip structure and logging into the science and innovation board can broaden the return path of China concept shares and provide reference for China concept shares enterprises to be returned.As the first enterprise to retain the red chip structure back to a,Semiconductor Manufacturing International Corporation has returned to the market with high efficiency and has become the largest IPO in the history of science and innovation board.Based on the relevant literature and inductive theoretical knowledge,this thesis makes the following research.Firstly,this thesis uses the literature research method to summarize and analyze the literature of Chinese stock concept at home and abroad in order to determine the research direction of this thesis.Secondly,through the case analysis method,combined with the actual situation of Semiconductor Manufacturing International Corporation,this thesis analyzes its return motivation,path and effect,and summarizes the motivation for Semiconductor Manufacturing International Corporation to retain the red chip structure to return to the science and innovation board as improving enterprise valuation,reducing listing maintenance costs,meeting the company's capital needs and strong support from national policies.Furthermore,it focuses on the analysis of the return effect of Semiconductor Manufacturing International Corporation's retained red chip structure returning to the science and innovation board.Analyze the development of Semiconductor Manufacturing International Corporation in the Hong Kong Stock Exchange and Shanghai Stock Exchange,select the event research method to get the short-term market response of Hong Kong stocks before and after the return,further analyze the trading volume and stock price changes of Semiconductor Manufacturing International Corporation's science and innovation board,get the medium and long-term market response after the return of a shares,and draw the conclusion that "the market response of Semiconductor Manufacturing International Corporation's return is positive,it has obtained ideal financing";In the research of financial effect,the comparative analysis method is used to analyze the solvency,profitability,operation ability and development ability before and after the return,and the entropy weight method is used to comprehensively evaluate the financial effect;In the analysis of non-financial effects,focus on the enterprise value,domestic and foreign revenue level and company development of Semiconductor Manufacturing International Corporation after retaining the red chip structure and returning to the science and innovation board.Finally,it summarizes the research content of this thesis,draws the research conclusion,and puts forward some suggestions for the development of Semiconductor Manufacturing International Corporation after the return and the return of other Chinese stock enterprises.