The Research Of Investment Opportunities And Strategies On The Merger&Acquisition Of Chinese Listed Companies

In recent years, significant enhancement in domestic policy and market integration will vigorously promote the development of domestic M&A market to a new stage. The State Council, the Commission and the Shanghai & Shenzhen two Chinese Exchange issued a series of legal documents in recent years, actively encouraging enterprises to participate in the implementation of the merger and acquisitions. The influence of this change, the future listing Corporation utilize large-scale merger and acquisiton stronger ability will be greatly enhanced, and the resulting investment opportunities will also gradually enriched.However, current investors did not pay enough attention to the related opportunities. On the one hand, they only hoped to advance possible mergers and acquisitions investment listing Corporation, but due to many factors of mergers and acquisitions which has some uncertainty, so the investment strategy may not be able to achieve the desired objective; On the other hand, the majority of investors lack of understanding of the processes in mergers and acquisitions, investment opportunities may be missed after the resumption of trading after the completion of the merger and acquisition.In this paper, through investigation in 2013 and 2014 two years of the Ashare market announced mergers and acquisitions of all kinds of information and audit schedule, carries on the analysis, empirical research methods, examination of merger and acquisition of listing Corporation in the stock price changes before and after the key nodes, on this basis, to study the potential opportunities for mergers and acquisitions of listing Corporation, and puts forward some suggestions the corresponding investment strategy.To invest in the backdoor listing of the investors, in accordance with the "small, clean and empty," according to the principle of open market information for the company belongs to the "shell resource" judgment, and make a comprehensive judgment according to the absolute value of the shell resources in the market and the relative valuation, and further screening can be most listing Corporation holds a backdoor in advance in order to obtain excess returns.With the backdoor listing of the investment strategy, investors may be appropriately concerned about the announcement after each stage investment opportunities. According to the China Securities Regulatory Commission a major reorganization of assets of the operation process, the nodes are divided into the first announcement, the second notice, approval by the shareholders meeting, the audit committee, the merger and reorganization of the China Securities Regulatory Commission to complete the approval and transfer.The results from the empirical point of view, the first announcement and second after the announcement of AAR and CAR were more obvious, because for the first time after the announcement of stock and the stock price rose more significantly limit the greater risk, so investors even missed the first notice day can also choose second announcement to invest. In addition, mergers and acquisitions committee voted and approved by the China Securities Regulatory Commission announcement on the future price will be short-term excess returns, investors can buy for good. Finally, after the completion of the transfer of shares to stimulate the effect ends, appeared more obvious tendency of negative AAR and CAR.