Game Analysis Of The Return Of Foreign Listed Companies To The Interest-related Subjects Of Domestic Capital Market

In recent years,more and more foreign listed companies choose to privatize and de-listing,setting off a wave of "de-listing tide",which is in sharp contrast to the phenomenon of domestic enterprises competing to list in overseas capital markets.Previously,the domestic enterprises choose to list in overseas capital markets for reasons such as: the overseas capital market audit procedures are simple,the listing is fast,the financing channels are wide and efficient,the market is mature,the corporate governance environment is perfect.However,the development of domestic enterprises abroad is not smooth,encountered the value is undervalued,high listing costs,refinancing difficulties,shorting institutions maliciously short,and other issues,the reputation of enterprises suffered a negative impact.With the continuous development of the domestic capital market,the market environment is gradually improving,the attraction to overseas listed companies is becoming more and more,especially since March 1,2020,China’s formal implementation of the registration system,the domestic capital market listing difficulties are reduced,so more and more foreign listed companies return to the domestic capital market,in view of this phenomenon,this paper from the perspective of stakeholders,the return of foreign listed companies to carry out relevant research.This paper uses data analysis,literature review and game analysis to study the return of foreign listed companies to the domestic capital market.First of all,the current situation of the return of overseas listed companies is analyzed,respectively,from the return of the basic situation,the return path,the return to the A-share market effect,the negative impact of the return of several aspects of the discussion.At the same time,the return of overseas listed companies to the listing of the theoretical analysis,from three aspects: First,the return to the internal demand,including the company’s strategic adjustment needs,the company’s growth and development financing needs;Second,the company’s external environment,mainly refers to the institutional environment,from the domestic policy to support the return and China’s formal implementation of the registration system two aspects of analysis;Third,the company’s regression motivation analysis,respectively,from the undervaluation,transaction costs,domestic high price-earnings ratio,shareholders’ interests to maximize the motivation and domestic and foreign cultural differences five aspects of the analysis.Secondly,the game analysis of the relevant subjects of overseas listing return to the company,that is,the game analysis between the overseas listed return company and the securities regulatory department,and the game between the overseas listed return company and the shelled company,the following conclusion sourly concluded: First,the most fundamental reason for overseas listed companies to choose to return to the market is to obtain more income from the domestic listing;Second,the securities regulatory department to maintain the original supervision,overseas listed companies return to the listing after the illegal operation,at this time,the overseas listing return to the company to obtain the greatest benefits,while the return party major shareholders get the most gains,encroaching on the interests of other small and medium-sized shareholders and investors,resulting in non-cooperation between the parties;Third,the securities regulatory authorities to strengthen supervision,and increase the penalties for illegal operation of listed companies,so that overseas listings return to the company to comply with market rules and compliance with the operation,thereby protecting the interests of other parties,and ultimately the parties reached a strategy of cooperation.Finally,according to the current development status of overseas listed return ingress company and the results of game analysis,the relevant suggestions are given from the two aspects of the state regulatory department and domestic investors,which makes the theory more practical,and provides some reference opinions for domestic investors.