Listed Companies In M ​​& A Events And Fund Holdings Change

1990s later the whole world welcomed the fifth tide of merger and acquisition (M&A). At the same time, this tide promoted M&A in China. The case of M&A has provided a fertile soil for scholar's researches. Along with the scale of investment fund unceasing expansion, its investment strategy influences the stock market directly and indirectly. Foreign and domestic researches are increasing and deepening gradually, concentrating in to the fund's performance and it's investment behaviors.Although the researches of these two fields are hot, there is few research which can study both. The results of this paper research results may provide a new vision, which combine M&A and fund. It will help us understand investment behaviors of funds and the market influences of M&A. This article is divided into four parts: the first part is an introduction; the second is theory and literature; the third part is analysis; The fourth part is the conclusion and the policy suggestion.This paper selects 153 funds in 2005, which includes about 20000 samples. The main regression method is OLS and logit. The main conclusions are: (1) The variable of portfolios change is not significant in both two half year in 2005. (2)In the first half year of 2005, there are three significant classes, and the other half year has four. (3)The change of the fund's investment portfolio will not forecast companies' M&As.This article finally put forward related policy proposals.