Empirical Research On Asset Replacement Announcement Of Listed Companies And Its Influencing Factors

To study the hypothesis as a starting point, Select asset companies replacemen which t listed in Shanghaithe each years form 2006 to 2008 as a research sample (total 51) .Frist, study the stock price changes In-depth before listed company carried out the notice about assets replacement and after,then to identify the factors affecting the stock price By multiple linear regression model .It can be found that Stock market have a positive response about listed companies Asset replacement announcement,which can take Shareholders positive cumulative abnormal returns(car) .however car Perform diffieret at diffieret time within whole Event window .and diffieret year means diffieret econormy economic background,this is another fator to influence stock market's overall response to the announcements of asset replacement. Announcement effect , stock price fluctuations before information announcements and after also confirm the fact,that is Information sleaked in advance and insider trading is Serious in stock market in china, interests of small shareholders be damaged. After confirming stock market has positive effect to asset replacement announcement .Taking cumulative abnormal returns (CAR) that diffieret company has each cumulative abnormal returns (CAR) wihtin the event window as the dependent variable.Base on hypothesis ,select six ndicators as Explanatory variables,they are: Asset size (SIZE), transaction price(PRICE), Financial leverage(DFL), tobin's q (TOBIN'S Q), Rate of Return on Common Stockholders'Equity (ROE), Liquidity ratio (CASH),to establish a multiple linear regression model,then through stepwise regression to determine the ultimate impact of factors , conclusions indicate that SIZE, ROE and Tobin's Q is significantly affected cumulative abnormal return (CAR),but PRICE,DFL as well as CASH have no significant effect . Lastly, in order to Solute probems about Asset replacement some Advice be Proposed.