Research On The Influence Of "PE+ Listed Company" Mode On The Abnormal Returns Of Listed Companies

In recent years,due to the rapid development of China's financial industry,financial innovation emerge in an endless stream,the phenomenon of listed companies and private equity investment institutions established merger fund "PE+ listed companies" mode is one of the original in china in recent years.After the emergence of the "PE+ listed company" mode,many scholars in China have carried out research on the "PE+ listed company" mode,and have made some progress.However,whether the mode of "PE+ listed company" will have an impact on the share price of a company,or whether it will have an impact on the abnormal returns of listed companies,like the other announcement events of listed companies,is very limited.Through empirical analysis based on event study method this paper will study whether “PE+ listed companies” mode will have an impact on the shares of listed companies,or whether like other listed company announcement “PE+ listed companies” mode has announcement effect,will have the abnormal return of the share price of listed companies,the following specific issues: first,in the listed company announced the establishment of “PE+ listed companies” mode fund mergers and acquisitions event window period,whether the abnormal returns is significantly;second,For listed companies with different markets,whether the abnormal returns of the announcement of the establishment of "PE+ listed company" mode are different.Through the study of sample data,we come to the conclusion:(1)In the event window period of the establishment of "PE+ listed companies",the abnormal income of the total sample is significant,and is positive.(2)For listed companies with different markets,the abnormal returns of the announcement of the establishment of "PE+ listed company" mode are different.The Main-Board sample and SME board sample had similar significant positive abnormal returns in the event window period.While to the GEM board sample,there are less abnormal returns,in other words,the announcement effect is weak.