Research On The Market Reaction Of Asset Restructuring Of Listed Companies In China

In recent years,asset restructuring events in the capital market has a high frequency.Especially the emergence of the "restructuring boom" since 2014,listed companies regard asset restricting as an important means of changing their capital structure and gain further development.By reviewing relevant literatures and cases,we can found that the stock price will abnormal fluctuation after receiving reorganization information from the capital market.It's means that assets reorganization is not only an important issue of enterprise development,but also a factor that affects investors' decisions.It is because the impact of asset reorganization on the market greatly,goverments have issued policy related to the reorganization of assets,to ensure the protection of the legitimate rights and interests of investors and the securities market order,to promote the effective implementation of the reorganization of assets in the market.Therefore,this paper is based on the current boom of asset restructuring,to examine the market reaction caused by the asset restructuring of Listed Companies in China,and the impact of various types of asset restructuring on the performance of the company's market.In order to study to the reorganization of assets on the capital market,this paper adopts the method named "event study",which is the most commonly used method to study the market reaction.And the study object is the listed companies in Shanghai and Shenzhen A stock market from 2012 to 2016,a total of 316 samples,the[-20,20]of the window period the conclusion is:in the selected window period for the event has a significant positive market reaction,and the positive market reaction has emerged before the event announcement,but the downward trend in the later stage,illustrate the positive market reaction is short.In addition,the phenomenon of information disclosure is obvious,it's means that there are some people take advantage of this matter for personal gain.In order to discuss the reorganization of assets,this paper studies the different types of reorganization events and finds that the market reaction of the purchase of shares is the most positive,which is caused by its special payment method.Based on the different influencing factors of asset reorganization,the market reaction situation is discussed and the multiple regression analysis is carried out.It is concluded that the nature of the listed company is negatively related to the response of the state-owned enterprises to the reorganization of its assets.The reorganization of the listed company involves the related transaction positive correlation.Investor enthusiasm for the capital market,the event insider trading degree.The size of the reorganization of transactions and listed companies asset restructuring market reaction is significantly positive correlation.Finally,based on the conclusion of the above research,this paper puts forward relevant suggestions to the securities regulatory authorities,the management of the listed companies and the investors of the capital market.In order to further improve the use of asset reorganization events in the capital market,taking the interests of protecting the minority shareholders as the starting point Manipulate the market,seek personal gain,and thus damage the interests of small and medium investors.