A Study On The Influence Of The Listed Company’s Asset M&A On Its Stock Price Fluctuation

With the completion of the split share structure reform, mergers and acquisitions market has been developing rapidly, corporate mergers and acquisitions become a common strategy for growth and development. Classified according to the type of M&A, including horizontal mergers, vertical mergers and M&A diversification. According payment categories, including:cash payments, pay equity, debt and other commitments with the way. Around the release of information, unusual fluctuations in stock price will be relatively short, and the degree of integration of will affect the stock price volatility enterprises. This paper focuses on the analysis of volatility around the asset acquisition news release. In addition, according to the reflexivity theorem, Tobin’s q theory, the theory of value investing, stock price volatility to some extent will affect the changes in corporate earnings per share.This paper selected HuaRun Sanjiu as a research object. Through the analysis of asset quality of Shun Feng Company, payment methods, and other aspects of market sentiment, How M&A from these areas will affect the stock price volatility. Then use GARCH model to predict stock prices around the release of information M&A movements, analysised the company’s actual price movements and predict price. Use of information release stocks accumulated before and after the merger and the market yield cumulative yield for comparison, analysis of the presence of excess accumulation of stocks derived yield. Used Granger causality test to analyze the relationship between the growth rate of corporate earnings per share and stock price volatility. Analysis shows that the M&A is beneficial from a strategic stock prices; while stocks trend influenced by the market trend; T Around the M&A the stock price will have greater information dissemination deviate from predicted values, a greater degree of M&A information can affect the stock price fluctuations; the long term, stock prices to a certain extent, affect corporate earnings per share.By analyzing the impact of M&A of assets of the volatility, be able to provide better guidance and intuitive investment for investors. Investors in accordance with fluctuations in the stock price trends, reasonable to make their own investment strategy. Analyzes the relationship between volatility and long-term changes in earnings per share between, indicating that the stock will have a significant impact on the yield on corporate performance, providing new business management perspective to corporate management, management should pay more attention to stock price volatility. Before and after the acquisition of assets by analyzing information dissemination of price fluctuations may indicate the presence of inside information leaked that from a regulatory point of view, it is necessary to perform more stringent insider information management system.