Analysis Of The Impact Of M&A On Stock Price In China's A Shares Listed Companies

Mergers and acquisitions of listed companies in recent years has been very active,which includes both the China South Railway and China CNR Corporation Limited mergers,but also includes a variety of small and medium-sized listed companies in the industry consolidation.M & A and restructuring are usually accompanied by the expansion of the enterprise market,industrial restructuring,product upgrading,etc,they may have a profound impact on listed companies and the entire industry,M & A of oligopolistic enterprises in key industries will have an impact on the national economy,Therefore,the State Council,the SASAC and other competent departments continue to release regulations to regulate the M & A of the company,and the CSRC constantly revises its management methods in view of the problems arising from the M & A.In this paper,we take all M & A cases approved by the CSRC in 2017 as a research sample,and use event analysis to study the short-term impact of M & A on stock prices.The research results show that M & A in the short run can indeed have a positive impact on the share price of listed companies,and its influence is concentrated within a few days before and after announcements.The decline in the hype will lead to a significant negative return on the stock price of the listed company fourth,fifth,sixth days after the announcement.Through research,it is also found that the news announcement of M & A is likely to have been leaked before.In addition,through classification analysis,it is found that M & A has a significant positive impact on the Shenzhen Stock Exchange listed companies,but has a significant negative impact on the Shanghai Stock Exchange listed companies.The second industry listed companies have stronger response to M & A than the third industry.Finally,according to the results of this study and the problems found,this paper puts forward some suggestions on improving the merger and reorganization of listed companies,This paper also puts forward suggestions for investors to invest.