Analysis On The Motivation,Path And Value Creation Of The Return Of Chinese Concept Stocks To A Shares

The "Luckin incident" on January 31,2020 caused a strong response from the United States regulatory authorities,and triggered the second crisis of confidence in China concept stocks.In addition,the introduction of the Foreign Company Accountability Act in the United States has further restricted the pace of overseas listing of Chinese companies.At the same time,the increasingly perfect domestic capital market,the strong support of policies,the establishment of science and technology innovation board and the pilot registration system,and more and more investors have created a good environment and conditions for the return of Chinese concept shares.In this context,this paper selects the photovoltaic enterprises that first adopted the regression of Science and Technology innovation board in 2020 as the case object,that is,the motivation,path and value creation of Trina Solar’s return to the A-share market were studied,so as to provide certain references for listed corporations that attempt to return to A-share market through Sci-Tech innovation board.First of all,this paper reviews the literature related to the privatization of China concept shares,the path,value creation and the Science and technology innovation Board to clarify the relevant definition and the theoretical basis of the full text analysis.Secondly,it elaborates the reasons for choosing the case company,company profile and regression process.Thirdly,SWOT analysis is used to analyze and summarize the regression motivation of the case company from four perspectives,and the reasons for choosing the path of science and technology innovation board are analyzed.Finally,the value creation of Trina Solar after its return to the Science and Technology Innovation Board is analyzed from three perspectives of capital market,investment and financing links and operation links through financial data and event research method.The results show that:(1)Using SWOT analysis,it is found that the decision of Trina solar regression is reasonable;(2)The Science and Technology Innovation Board has the advantages of diversified listing standards,relaxed restrictions on the rise and fall,and lowered the threshold of individual investors,so it is feasible for Trina solar to choose this way to return.(3)The return of the Science and Innovation Board has created value for enterprises.After the listing of the Science and Innovation Board,the short-term market effect is poor,and the stock price and long-term market performance are relatively positive.Through R&D innovation,restricted stock incentive plans and financing,the company provides an inexhaustible power for sustainable development.And all the financial indicators are developing towards a stable upward trend,and the financial performance is good.Based on this,the following suggestions are put forward:China concept stock enterprises should correct the motivation of regression,formulate a targeted regression plan,choose an appropriate regression path,and pay attention to the improvement of their own strength after regression.The research contribution of this paper is as follows: in theory,it enriched the relevant research on the regression of A-shares to the Science and Technology Innovation board of China concept stocks.It used SWOT method,event study method and financial index to relatively comprehensive analysis the motivation,path and value creation of regression by taking specific companies as examples.In reality,it will provide some reference for the Chinese companies who have the intention to return to the A-share market through the Science and Technology innovation board.