Impact Of M&A Announcement On Stock Price Of Listed Companies

M&A is usually accompanied by enterprise market expansion,industrial transformation and product upgrading,which can have a far-reaching impact on listed companies and even the whole industry.M&A by oligopoly enterprises in key industries will also have an impact on the national economy.If the oligopolies in key industries conduct mergers and acquisitions that will deeply affect the national economy,The State Council and the SASAC have formulated a lot of relevant regulations,and the enterprises are also deeply valued by the CSRC,and the relevant management measures have been constantly revised.For participation of merger,acquisition and reorganization of listed companies,merger,acquisition and reorganization exactly the value of the enterprise can bring what kind of role,this paper takes 2017 to 2020,the full four years announcement of a-share listed companies,the material assets reorganization as A sample,to study the material assets reorganization of such events,the impact on the long-term and short-term stock price.The calculation method of the index to measure the impact of stock price is designed according to the characteristics of China’s A-share asset restructuring system.In the short term,if the asset restructuring information of listed companies is disclosed for the first time,there will be positive excess returns for several days,,and the announcement of merger and reorganization will bring positive market reaction to the listed companies.After the announcement of M&A,the fluctuation range of companies on the small and medium-sized board and gem exceeded that on the main board.Mergers and acquisitions aiming at backdoor listing can get higher excess returns than those aiming at strategic mergers and acquisitions.The rate of return of enterprises that complete M&A is higher,and the rate of return of enterprises that fail M&A is negative;In the long run,the event did not have a direct and significant impact on the stock price.