Announcement Effect Of " Internet+ " Plan Of Listed Company

In recent years,with the rapid development of the Internet,the penetration and transformation of life and production areas show exponential growth.Now,the Internet has gone from a new thing to an indispensable part of life,bringing about a huge change in the way people live,as well as transforming the production sector.In the 2015 government work report,The proposal of "Internet+" action plan affirms its important role in promoting the cross-border integration of industries and promoting economic development,and at the same time,it also points out the direction of economic development in the future.From the microcosmic point of view,the implementation of the "Internet+" plan is an investment decision for enterprises.For example,listed companies are involved in the "Internet+" by investing in shares,acquiring and setting up subsidiaries,in order to upgrade their traditional businesses or to earn returns on their investments.However,whether it can improve corporate value for shareholders and how to implement the "Internet+" plan remains to be studied.On the basis of a review of existing relevant studies at home and abroad as well as the current situation of the development of the "Internet+" at home and abroad,this paper adopts the event study method and selects data from January 1,2013 to December 30,2016,Companies involved in the field of "Internet+",such as mergers and acquisitions,have conducted research and come to the following conclusions:In general,the implementation of the "Internet+" plan by listed companies has a significant positive effect on the stock price,in which there is no significant announcement effect on the implementation of the "Internet+" plan by Internet companies;Traditional industry companies in the direction of Internet finance "Internet+" programs can't be recognized by the market to obtain excess returns."Internet+" programs in different ways and different purposes have different market responses.Because of the long implementation period of the plan,it is difficult to observe the result and existence of information asymmetries in enterprises with the aim of upgrading traditional industries.As a result,this enterprises show lower excess returns than firms that gain returns on investment in the Internet alone.On the other hand,the market prefers the "Internet+" plan through M & A cooperation.In addition,it is found that the results support the investment opportunity theory,firm scale effect theory,capital structure theory,but not the free cash flowhypothesis.Firms with high growth,small size and low debt level can obtain higher excess returns;free cash flow level has no significant correlation with excess return;in addition,the increase of market heat helps to improve excess returns.