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近年来,美国越来越多的中概股选择退市,分为被动退市和主动退市。更有一些公司在短时间内完成私有化,并成功借壳回归中国市场。中概股大量私有化回归的原因值得我们去探讨,从而来判断是否应该制止或者约束私有化。本文回顾了2015年美国中概股私有化的进展情况。并使用二项Logistic回归分析中概股私有化退市原因。本文分别选择分众传媒和完美世界来研究,形成对比。研究结果表明:部分中概股私有化与其股价被低估以及盈利能力降低有关,私有化退市是战略调整的需要;也有部分中概股私有化是为了赚取利差。
In recent years, more and more U.S. stocks have chosen to withdraw from the market and are divided into passive delisting and active delisting. Some more companies completed privatization in a short time and successfully backdated back to the Chinese market. The reason for the massive privatization of China shares in the stock market is worth our exploration to determine whether the privatization should be stopped or restricted. This article reviews the progress of the privatization of freezers in the United States in 2015. Logistic regression analysis was used to analyze the delisting reason of the privatization of the shares. This article respectively selects the Focus Media and the Perfect World to study and form a contrast. The result of the research shows that the partial privatization is related to the underestimation of stock price and the decrease of profitability. The privatization of delisting is the need of strategic adjustment. Some privatization is to earn interest spread.