A Comparative Study On The Effect Of Acquisition Announcement Of The A+H Listed Companies

As the openning of our stock market,there are more and more companies listed both in Shanghai and Hongkong market.By the end of 2016,92 companies listed in both markets,involving 10 industries,at the same time,acquisition appeared frequently in recent years in the stock market,There are about 69 acquisition events in 2016.However,due to the existence of market segmentation,the two markets do not respond same to the events.To study the market reaction and the reasons for differences is of great significance to the development of internationalization of securities market in China and protect the interests of investors in both markets.This paper studies companies dual-listed in Shanghai and Hong Kong stock markets whose issued shares were acquired by 5% or more according to recent years' stake building disclosure documents,conducts an event study using their stock price data between 2010 and 2016,and finds that the effect of stake building disclosure is stronger in Shanghai stock market as the abnormal returns of either the total sample or individual samples in the event windows suggest.According to the results of volatility tests for Hong Kong and Shanghai stock markets,the volatility of Shanghai stock market is significantly greater and under the premise that the two stock markets have a linkage that Shanghai market is more sensitive to information.This paper will do an analysis on this phenomenon,points out the possible reasons for this phenomenon,for example,different strcture of the investors in the two stock market,different way of information disclosure,and put forward suggestions,mainly focus on the improvement of information disclosure system,investors' education,and expand investment channels etc..