Research On The Motivation And Model Of The Companies Under Contractual Control Mode Listing On Domestic Exchanges

In the past twenty years,as domestic regulatory policy,industrial policy restrictions,immature capital market development and other factors,most limited company of industry investment policy choose to use the protocol control mode listed overseas successfully,raise the needed capital to develop business.However,the current listed environment has undergone huge changes in China.In terms of policy,The improvement of relevant laws and regulations has a positive effect on Internet companies.For example,the 2015 revised "Foreign Investment Industrial Guidance Catalogue" for value-added telecom services in the e-commerce business liberalize foreign ownership restrictions.Since 2015,a total of 26 companies announced the privatization of the delisting,the total market value of up to $ 28,112,000,000.However,the privatization of the transaction amounted to only $ 23.4 billion between 2010 and 2013.No shortage of odd tiger,Home Inns and other industry business models in 2015,announced the delisting of companies.Under the new situation,What is incentive for the domestic listed enterprise to leave the protocol control mode of overseas capital market? What are the regression mode of listing?To solve the above problems,this thesis first analyze the meaning of protocol control mode,and by means of shareholder wealth maximization theory,capital allocation theory,and principal-agent theory to establish a logical relationship between market valuations,scarcity,the corporate governance structure factors and privatization motivation.Then analyze special institutional environment of the privatization motivation.This article further integration of Baofeng Technology,Giant network,Focus Media listed regression cases,by its basic situation,set up under the protocol control mode,in-depth analysis and regression models listed motives,summed up the protocol control mode back to basics motives listed,and pointed out that the policy environment directly led to the return motive listed,return to listed companies should choose a different regression models based on the specific circumstances.After binding system analysis and case analysis,article believe that the Internet companies will set off a return to class upsurge.