Study On Listed Company Market Value Management Based On Cross Market Arbitrage Tactic

After the BaoFeng.Inc.and Focusmedia.Inc.has finished privatization from foreign country and got back to China security market respectably through IPO and back-door listings,the great impact of market value increase has appeal many other China company listed in foreign market to imitate and been making waves through cross market arbitrage.Constitutionally,the arbitrage between different security market is a type of tactic of market value management.It looks forward to obtaining valuation premium so as to increase shareholder's treasure and maximum the market value of company.The main innovation of the article includes deeply exploring the implementation condition and risk solution of cross market arbitrage tactic,giving the performance evaluation from the case of Giant Network.The ultimate purpose of above content is to provide the example to the listed company manager who have the reference demand.Above all,the article is going to sketch out the market value management theory,summarize different types of the tactics and explain the internal relation with cross market arbitrage.Next,the article will analyze the difference of valuation system between domestic and overseas in order to explain the motivation of cross market arbitrage,discus the implement condition for the tactic feasibility.Once more,citing the case of Giant Network,the article shall describe the implementation process and problem solution with different sections include privatization,VIE dismantling and to be listed again.Finally,the conclusion and the superiority-inferiority of the case will be generally sum up.