Study On The Motivation, Path And Effect Of The Return Of Chinese Stocks

In the 1990 s,China resumed stock trading.Because of the imperfect market construction and relevant laws and policies,and the high threshold of listing,many small-scale enterprises are difficult to be listed.At the same time,the U.S.stock market has developed for a long time,the listing system and environment are more mature and perfect,and the registration system is adopted,which is more likely than the domestic listing,so many enterprises choose to go to the U.S.for listing and financing.The shares issued by these enterprises are called China concept shares.However,around 2010,there was a trust crisis in Chinese concept stocks,and many Chinese enterprises listed in the United States were difficult to raise funds.Some Chinese concept stock companies choose to go back to China for listing,but if they want to go back to China for listing,they have to face the big problem of choosing the listing path.Since 2010,a number of Chinese concept stock companies have been listed in China.Among them,TransInfo technology is the first Chinese company to return to the domestic capital market for listing,and it takes less time.As the first Chinese concept stock company to return to China for listing,its return path and effect are worth studying.By summarizing the literature on the reasons for privatization of Chinese concept stocks,the reasons for the return of Chinese concept stocks,the return path and effect,this paper makes clear the writing direction of this paper.This paper uses case analysis method to study the cause,process and result of TransInfo technology's return to the domestic market.TransInfo technology is difficult to finance due to its low valuation in the US,so it chose to delist and return to China through M & A.In the effect research,the short-term market reaction,enterprise valuation,enterprise financial and non-financial effects are analyzed and evaluated.Among them,the event study method is used to study the short-term market reaction caused by the merger and acquisition of TransInfo technology and Lianxin Yongyi,and the comparative analysis method is used to analyze the financial effect of TransInfo technology.These studies have found that TransInfo technology has better development opportunities and performance after its return.This paper draws the following conclusions: TransInfo technology's merger and acquisition return to listing path reduces the time of return to listing,reduces the uncertainty of approval and other links;TransInfo technology obtains more funds after return,and achieves strategic cooperation with Baidu,which provides more opportunities for enterprise development;TransInfo technology has better financial performance and business performance after return.According to these conclusions,this paper puts forward some suggestions for the Chinese concept stock companies from the perspective of policy,enterprise strategy and return cost-benefit.The innovation of this paper is that the effect research of this paper combines the regression motivation of the case company itself from many aspects,rather than from one angle.This makes the research more valuable.