| In mature foreign capital markets,placards as a long-term strategic investment means,touted by investors.With the further development of China's capital market mature,placards are increasing year by year.From 1993,capital market occurred 534 placards.In 2015,the market quickly down and "Asset shortage " background,the placard event showed explosive growth,In particular,the end of 2016,insurance funds and large industry capital frequently placards become a hot market,but also caused the CSRC and other regulatory agencies concerned about the placards.At present,the domestic scholars on the placards research mostly concentrated in the market for the short-term response,and research data befer 2008.In view of this,this article will start from the motive of the placards,followed by the holding period from the behavior of the placards,and finally from the market long and short reaction,stock volatility and the company's performance changes after the placards.First of all,this article introduced the relevant literature,followed by the domestic regulations for the placards and the occurrence of major events.Then,using 1993-2016 placards as the research object,analyze the characteristics of the placards,use the event research method to explore the short-term and long-term response of the market,study the effect of the placards on the volatility of the stock price.Finally,study the performance of the company.The main conclusions of this paper are as follows:First.In general,capital preference for small value,decentralized ownership structure,good growth,financial indicators and dividend rate are not significant.Second.The short term,Investors have significant positive excess returns,the market for financial capital placards and the first placards more strongly;in the long run,placards can still get positive excess returns.Third.Placards increased the volatility of the stock price.Four.After placarded,companies operating performance will be significantly improved. |
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