Research On Market Reaction Based On Information Dissemination Of Major Shareholders Increasing Holding

After the completion of the split share structure reform in China, allowing the majority shareholder to hold the non-tradable shares in the stock market free circulation, which can motivate the major shareholders to participate in the management of the company. As the major shareholders and small and medium-sized shareholders compared to the advantages of control and information advantages, so investors seem that the major shareholder holdings is itself a valuable content of information, on behalf of the major shareholders of the company's future development of confidence. Investors in the face of major shareholder holdings of such good news often need more information and take positive buying measures, therefore,this paper based on the major shareholder holdings of the impact of information dissemination of the problem.With the development and popularization of the Internet, more and more investors in the stock forum to query the relevant information and mutual exchange, the stock forum has become an important channel for the study of information dissemination, this article through the python software to prepare the crawler program to obtain the amount of data, As the proxy variable of the information dissemination of the network forum. At the same time, the listed company's daily rate of return is downloaded from the market. The market adjustment model is used to calculate the excess return.In this paper, a single sample T test is carried out for the cumulative excess returns and accumulated excess postings in the window period of the shareholder holdings. It is found that the cumulative excess returns and accumulated excess posts in the event period are significantly larger than 0, that is, To significantly over-income, but also caused a positive discussion of the stock forum. Secondly, the cumulative excess returns and the cumulative excess postage were analyzed and found that they were positively correlated with the first three days of the event. It was concluded that the accumulated excess quota of the stock forum could explain the cumulative excess rate of return, stock forum and stock market presence Two - way information transfer relationship. In the end, the difference between the cumulative excess rate of return before and after the event is compared with that of the single sample. The T-test of the single sample shows that there is information leakage in the event that the shareholder holdings of the event are related to the regression results. It is believed that the stock forum participant not only needs the information Can provide information to the market.