Research On The Influencing Factors And Stock Performance Of The Establishment Of Buyout Funds By The Listed Companies

In recent years,with the policy promotion,the reform of state-owned enterprises and the rapid development of emerging industries,more and more listed companies set up buyout funds for business integration and industrial upgrading,and the forms and characteristics of buyout funds are more diversified.At present,domestic research on buyout funds mainly focuses on operation mechanism,establishment motivation and case analysis,while there are few studies on the influencing factors and stock price effect of buyout funds set up by listed companies,and there are few literatures on research and analysis from the perspective of different characteristics of buyout funds.Therefore,this paper hopes to explore the following two questions through empirical research: what types of listed companies are more willing to set up merger and acquisition fund for merger and reorganization,and whether different characteristics of merger and acquisition fund will produce different conclusions? Whether the establishment of buyout fund by listed companies will have an impact on the stock price,and which factors have a more obvious effect on the stock price effect?This paper collected and sorted out the relevant information of merger and acquisition fund established by the listed company on January 1,2014 and December 31,2018,and conducted an empirical study by using binary Logistic regression and event analysis method.Firstly,the factors affecting the establishment of buyout funds by listed companies were studied through binary Logistic regression,and further grouping regression was conducted according to the different characteristics of buyout funds.Next,the event analysis method is used to calculate the cumulative extraordinary rate of return,to study whether the establishment of buyout funds by listed companies produces the stock price effect,and the difference of the stock price effect between different characteristics of buyout funds.Through the empirical study found that the company scale,debt paying ability,profit ability,independence and financing cost for mergers and acquisitions of listed companies has established fund has a significant effect,different buyout objective differences between the influencing factors of the establishment of a fund for mergers and acquisitions of listed companies,the company size bigger,development in growth period,and poor profitability and independence of listed company merger and acquisition funds on a much larger scale.In addition,the establishment of buyout funds by listed companies has a positive signal effect on stock price,and the types of buyout funds,fund size and investment proportion of listed companies will all cause differences in stock price effect.Based on the above conclusions,this paper puts forward corresponding Suggestions from the perspectives of regulators,listed companies and investors.