Empirical Study On The Effect Of The Rename Of Stocks Of Chinese Listed Companies

This article utilizes the event study to the stock price exceptionally undulation from the announcement of the rename of stocks which disclosed as the information of "the non- event" and not have any economical significance, conducting the dissertation research, to test the efficiency of china stock market and gravity of subject promotional hype. The following is main conclusions of this article. 1st, in 2000 and 2001, around the announcement of the rename of stocks, have the obvious price fluctuation, the market existence responded ahead of time and overreaction. China stock market violated the weak effective and half strong effective supposition. Until 2003, the market to announcement of rename has not the obvious ahead of time response and overreaction, basically conforms to characteristic of half strong effective supposition. The stock market is developing in unceasingly consummation. 2nd, from the market reaction analysis of rename in three kind of different reasons, we discover that the market reaction to the type of the No.1 shareholder changed is obvious stronger than other two types. The market exists excessively reactions to three types of rename, but only exist ahead of time responded to the No.l shareholder changed. Investors' the speculation to stocks which changes name of the No.l shareholder changed is stronger. 3rd, in the research of stocks rename in different scale company in the market , we discover the market reactions to rename announced of the large-scale company's stock is basically normal. The market reactions proves that, The market to rename of the small scale company exists congenial and hypes behavior. In rename stocks of the No.1 shareholder changed, the small dish stock company occupies one above the half. Different examination, also proves company scale of the No.l shareholder changed obviously is smaller than the type of host camp service changed. From the company scale angle, explained why rename stocks' speculation of the No.1 shareholder changed is stronger. 4th, rename stocks analysis to the different exchange to discover the markets' reaction is consistent, characteristics of two markets are similar, both un-effective market. 5th, analysis influence factor of abnormal return of rename stocks in 2000 and 2001, discovering abnormal return is not obvious relevance with company's management achievement, year, the different exchange, but hasremarkable inverse correlation with company scale and company's stock price. 6th, to analysis four financial norms of companies in four years in tendency contrast, we discover, in 2000 and in 2001 after renaming the management achievement has not been enhanced, even has the drop tendency. In 2002, 2003 financial norm tendency appeared the rise potential gradually. Following advice are proposed based on the result of the research. 1 st, have the centralized and unified market supervising and managing system. 2nd, establish law standard system taking the information disclosing as the core. 3rd, positively advance the implementation of the stockholder's rights minute sets. 4th, change China stock market level sole pattern, expand the scale of stock market. 5th, government function oriented in reason. 6th, fully considered system question fed back from investor's behavior characteristic.