【作者】 张洋；

【导师】 蔡中华； 孙筠婷；

【作者基本信息】 北京化工大学 ， 会计（专业学位）， 2021， 硕士

【摘要】 随着国内资本市场的发展和完善,A股市场的发展日趋多元化,除了主板市场之外,也衍生出了创业板、新三板和科创板等板块,这些板块上市条件较为宽松,对于无法满足主板上市条件的企业可以选择在其他板块上市。因此,国内市场发展的包容性和开放性吸引了许多中概股企业的回归。相比之下,中概股在国外上市后,受到国内外文化、认知的差异,中概股不被投资者看好,价值被低估,企业融资困难;同时面临着高额的市场维护费,严格的市场监管以及国外做空风波的影响,加之瑞幸咖啡财务造假事件引发的中概股的信任危机,为了筹集更多资金和自身的发展,许多中概股会选择私有化退市,回归到国内上市。所以,中概股回归在未来是一个趋势,对于企业回归应该选择什么样的路径以及回归之后对企业带来怎样的影响,是大多数企业关注的问题,因此通过具体案例来对上述问题进行回答。本文通过对中概股回归的案例按照回归路径的不同进行整理,可将企业上市回归的路径分为IPO整体上市、借壳上市、分拆上市、直接并入已经上市的公司中以及通过发行中国存托凭证(CDR)上市,并通过对比发现借壳上市是中概股最常用的上市方式。因此本文选取JA太阳能借壳回归进行研究,主要采用事件研究法、财务指标分析法、Z值分析法对企业上市的经济后果进行分析。从市场反应来看,发现实际收益率高于预期收益率,市场反应良好;从财务状况看,盈利能力显著增强,发展能力、偿债能力有所改善;从财务风险来看,JA太阳能面临的财务风险较大,借壳上市的影响有限,没有从本质上缓解企业的财务危机。但是总体来说,企业借壳上市成功后,为企业带来积极的经济后果。对于回归路径的选择中,本文介绍了不同的回归路径及其适用性,企业选择时应根据自身情况选择适合自己的路径,才能实现自身利益最大化。更多还原

【Abstract】 With the development and improvement of the domestic capital market,the development of the A-share market has become increasingly diversified.In addition to the main board market,there are also derived other sectors such as the Growth Enterprise Market,the New Third Board and the Science and Technology Innovation Board.The listing conditions for these markets are relatively loose,and companies that cannot meet the listing requirements for the main board market can choose to list in other markets.Therefore,the inclusiveness and openness of the development of the domestic market has attracted the return of many Chinese concept stock companies.In contrast,Chinese concept stocks are subject to differences in domestic and foreign culture and cognition.So they are not favored by investors,their value is underestimated,and corporate financing is difficult in foreign markets.At the same time,Chinese concept stock companies are faced with high market maintenance fees,strict market supervision and the impact of foreign short-selling storms.The financial fraud incident of Luckin Coffee caused the trust crisis of Chinese concept share.In order to raise more funds and their own development,many Chinese concept stocks will choose to privatize and delist,and return to domestic listing.So the return of Chinese concept stocks is a trend in the future.What path the enterprise should choose to return and what impact it will bring to the enterprise after the return are issues that most companies are concerned about.Therefore,the above issues are addressed through specific cases.This article sorts out the cases of the return of Chinese concept stocks according to the different return paths.The paths for the return of companies’listing can be divided into IPO overall listing,backdoor listing,spin-off listing,direct merging into listed companies and listing through the issuance of CDR.Through comparison,it is found that backdoor listing is the most commonly used listing method for Chinese concept stocks.Therefore,this article selects JA Solar’s backdoor regression as a research case,mainly using event research,financial indicator analysis,and Z-value analysis to analyze the economic consequences of a company’s listing.From the perspective of market reaction,it is found that the actual rate of return is higher than the expected rate of return and market reaction is good.From the perspective of financial status,profitability has been significantly enhanced,and development capabilities and solvency have improved.From the perspective of financial risks,JA Solar faces greater financial risks and the impact of the backdoor listing is limited.It has not essentially alleviated the financial crisis of the company.But generally speaking,after the successful backdoor listing of the company,the company’s operating and financial conditions have improved,bringing positive economic consequences to the company.In the selection of regression paths,this article introduces the different return paths and their applicability.When choosing the path,companies should choose the path that suits them according to their own conditions in order to maximize their own interests.更多还原