Multi-stage Value Evaluation Of The Privatization Of Chinese Concept Stocks

In recent years,Chinese companies have delisted from overseas capital markets and chose to privatize to return to A shares.Based on the development prospects of China's good market economy,foreign investors have stepped into the field of China Stocks.However,since 2010,the China Stock Exchange has been maliciously attacked by foreign short-selling institutions,resulting in the undervalued value of the China Stock Exchange.This paper specifically studies the case of Qihoo 360 privatization regression,analyzes the whole process of the company's choice of privatization regression,and explores the reasons for the difference in the valuation of China Stocks in its return,and make recommendations to the company and the capital market.The first part of the thesis,which explains the background and significance of the topic topic,summarizes the literature from the privatization delisting motivation of the listed company,the influence of the enterprise value,and the value evaluation method of the listed company,and describes the research methods and ideas.The content and framework;the second part is an overview of the concepts and theories related to the return of privatization and corporate value assessment,laying the foundation for the later research;the third part is the case of Qihoo 360 privatization returning to the case,introducing the basics of Qihoo 360 The situation,the process of Qihoo 360 privatization regression and the transaction before and after the return;the fourth part,the motivation analysis of the privatization of Qihoo 360,using the BS option pricing model to estimate the Qihoo 360 listing in the US,the privatization process and The value of domestic listing,and try to analyze the reasons for the valuation fluctuations;the fifth part,Qihuo 360 privatization regression multi-stage value assessment research summary draws conclusions and draws inspiration;the sixth part,the summary of the full text and Prospects for the research direction of China Stocks.Through the multi-stage value evaluation of Qihoo 360 using BS option pricing model,this paper finds that its evaluation of company value is significantly increased after the return.The reasons for this difference are divided into market factors and internal factors: market factors are in the market.Other factors such as regulatory cost differences,information asymmetry,scarcity of underlying assets,and short-selling mechanisms in overseas capital markets include internal leading profitability,privatization cost-effectiveness,corporate brand image enhancement,and corporate strategic adjustment.And the following revelations are drawn: to prevent the risks faced by privatization,to explore suitable development strategies,and to strengthen the construction of China's capital market system and regulatory system.In this paper,there are innovations in the case selection point of view.There are few differences and reasons for the valuation of domestic and foreign capital stocks in the literature.There are certain research gaps in the valuation changes caused by the listing of Chinese stocks in different locations.