| Mergers and acquisitions(M&A),which are important means for listed companies to improve their own competitiveness and stock price,have drawn great attention in academic and practical fields.Different types of M&A news have different effects on the stock market,which leads to different effects on stock returns,thus it is important to investigate the effects of M&A news on the abnormal return rate of stocks.Based on the 9326 M&A news from March 2017 to March 2018,the present study investigates the effects of different types of M&A news on the abnormal return rate of stocks.Firstly,4,663 news were manually marked according to M&A mode,and statistical description were analyzed for the marked news.It was found that there were significant differences in the number of M&A news generated by different methods,different industries and different regions,among which equity transfer news,M&A news from manufacturing,and M&A news from the eastern region accounted for 48.60%,54.43% and 72.81% of the total news respectively.Secondly,based on the 4663 marked news,the new word discovery algorithm and the semi-supervised SVM algorithm were used to classify all the M&A news based on the M&A method,and the classification accuracy rate of the unmarked news was 91.2%.In addition,based on the event research method,the effects of different types of M&A news on the abnormal return rate of stocks were investigated,and the results of the present study suggested the following conclusions:(1)In terms of different M&A modes,asset acquisition and asset divestment news have a negative effect on stock abnormal returns,with CAAR of-0.58% and-0.92% respectively.However,the equity transfer news has a positive effect on stock abnormal returns with AAR of 0.31%,reaching the maximum on the day of the press release.(2)In terms of different industries,the M&A news of the information technology industry and the manufacturing industry can bring wealth to shareholders,and the gains of the information technology industry are higher than that of the manufacturing industry,with CAAR value of 1.73% and 0.10% respectively.The real estate industry news can not bring significant gains to shareholders,after the news release whose AAR value was significantly negative,with the minimum value of-0.26%.(3)In terms of different regions,the M&A news in the eastern region and the western region have positive effects on the abnormal return rate of stocks,and the effect in the east is greater than that in the west,with CAAR of 0.35% and 0.04% respectively.The M&A news in the central region have a negative effect on the stock market,whose AAR value reached-0.22% on the second day after the news release.Finally,based on the above research conclusions,the present study offers some constructive suggestions for government regulatory agencies,listed companies and individual investors to maintain the investment income of small and medium investors and promote the healthy development of China's stock market. |
PDF Full Text Request