A Study On Performance Of Backdoor Listing In Chinese Stock Markets Of Chinese Concept Stocks

Under the trend of global economic integration and trade liberalization,the global economic environment and political situation are changing with each passing day.The offshore privatization of the Chinese stock market and the return to the domestic Shanghai and Shenzhen stock markets have become a hot topic.At the beginning,due to the strict domestic supervision and the high threshold of listing,some of the listed companies in the European and American overseas listed companies suffered from malicious underestimation in the overseas capital market,short selling of short-selling institutions such as drowning,financing interest rates and rising costs.After the treatment,some of the Chinese stock companies delisted from the overseas stock market and returned to the domestic Shanghai and Shenzhen stock markets.Especially in recent years,with the continuous optimization of the domestic economic structure,the multi-level capital market system has gradually improved,and more and more Chinese stocks have retired overseas to return to Shanghai and Shenzhen A-shares.This paper first introduces the overseas investment and financing,listing,capital operation process and reasons for delisting,and explains the ways and modes of listing of the Shanghai and Shenzhen stock markets.Secondly,it details the short-term market performance and long-term financial performance of the backdoor listing.Measurement method.On this basis,in the middle stocks that have been delisted by the US stocks so far,the largest and most representative 360-share A-shares in the stock market are listed as examples,and the 360 companies' US stocks are delisted in detail.Backdoor trading and restructuring model.At the same time,the event research method is used to measure the short-term market performance of the 360 backdoor listing,while the long-term financial performance is measured by the analytic hierarchy process(AHP)and entropy method.Through the above research,the following conclusions are drawn:(1)The event of backdoor listing has a significant positive impact on the short-term market performance and long-term financial performance of the company.(2)360 Shanghai A-shares took advantage of the Jiangnan Jiajie incident,and the shell company obtained a significant positive excess return rate.(3)The financial performance score of 360 in the year of listing was significantly higher than the financial performance score of the year before the backdoor.Finally,based on the above conclusions,reasonable and targeted policy recommendations are proposed from the two levels of return and supervision.