The Sensitivity Of Listed Company To Mergers And Acquisitions On Stock Market

From 2004, mergers market of the world accelerate the pace of mergers andacquisitions the Chinese mergers market motivated by the rapid increase of GDP andthe mass influx of foreign investment not only reached the highest intensity in scalebut also has strong characteristic to their time such as the innovation in ways ofmergers, the internationalization of merges, the enforcement of the share mergerreform.This paper is an empirical study of the sensitivity of listed company'recombination on stock market, the weak efficient market in china's stock market areobtained. The listed company in mergers, such as foreign mergers and acquisitionsand the share merger reform in 2004 and 2005 are found mainly in company of thebig size of circulation. The average fluctuation range of abnormal rate of return andthe dimension of circulation are showed concurrent interrelated relationship. Theaverage of abnormal rate of return in asset divestiture is most in four types of mergersand acquisitions. In addition, the response to mergers and acquisitions in everyindustry has its strong point...