CCS Regression And Stock Price Bubbles And Value Assessment

With the increasing openness of China's economy,on the one hand,China's capital market has welcomed many overseas high-quality enterprises,on the other hand,a number of excellent enterprises in China have begun to choose to "go out" and actively participate in different overseas capital markets.Such enterprises listed overseas are called Chinese concept share(CCS).However,after the upsurge of overseas listing has passed,many CCS hope to return to the A-share market,and a large number of CCS begin to privatize around2012.At the end of 2015,Focus Media successfully returned to A shares,although it experienced many twists and turns and eventually went public through backdoor Happy Every Day,which became the first case of backdoor returns.After the return of Focus Media,its stock price performance is very unstable,causing a large number of investors to suffer losses.The half-yearly report and the third quarter financial report of Focus Media in 2018 showed that financial situation was in trouble,which makes Focus Media encounter many doubts.Moreover,the market value of focus media was reduced by nearly 100 billion yuan compared with the initial stage of listing Therefore,the bubble of Focus Media after the return of the stock market and the value analysis of the sub media enterprises are the focus of investors' attention.In view of these problems,this article selects the CCS Regression A share representative Focus Media as an example to study the general situation of its return to A shares,stock price bubbles and enterprise value.In the bubble test stage,this paper makes a bubble test on the stock price of the sub media from multiple dimensions,and comprehensively analyzes the bubble situation.In this paper,we use the measurement method GSADF,the financial model F-O model and the stock price volatility method to conduct a comprehensive analysis of stock price bubbles.Since the current market value of Focus Media is relatively low compared with the initial stage of listing,it is necessary to make a comprehensive evaluation of its value status.This paper uses Porter's Five Forces Model to analyze the fundamentals of Focus Media and to study the key financial indicators in 2018,which have been questioned.Finally,we use DCF model to evaluate the value of Focus Media.It is found that both the econometric model,the financial model and the stock price volatility show that the stock price does have bubbles after Focus Media's return,but the results of the different methods are different.At the same time,the study of the basic aspects of mass media and related financial indicators shows that mass media is in the absolute leading position in the media industry in the life circle,and the financial problems of mass media in2018 are only temporary problems caused by the severe macroeconomic situation and the company's counter-trend expansion strategy,and the future development prospects of enterprises are still broad.From the perspective of corporate value,the current market value of Focus Media does not really reflect the intrinsic value of its enterprises,and its share price still has a lot of room for growth.Finally,this paper proposes that enterprises should reasonably choose the listing place,investors should follow the value investment concept,and the regulatory layer should do a good job in the relevant system protection.