The Market Effect And Factors Of Listed Companies Shareholders Placards

The concept of placards are commonly known in the securities industry. According to the legal and regulatory, if shareholders buy all the shares of listed companies reached a certain percentage of the company in the secondary market, they must declare announcements. In the foreign mature capital market, placards is a long-term investment strategic. In China, with the further development of China’s capital market, placards has been increased year by year.at the end of 2013,169 placards happened in the capital market. In 2011、2012、2013,the capital market took place on 19 cases,23 cases and 35 cases. In recent years, some scholars have researched "placards", but related outcomes are focused on short-term market reaction, and research data as of 2008.so, this article will research the long and short-term market effects and factors.Firstly, this article will combine the results of scholars’research, Secondly, we select 112 "placards" event in the A-share market from 2008 to 2013 as the sample data, analysis the long and short-term market effects and factors by using event study method、paired samples T-test and regression. At last, four conclusions can be drawn from this paper. First, shareholders’placards will have a significant positive abnormal returns, in the short term. Second, In the long run, the market effects of the shareholders’placards is negative and significant. Third, Placards can lead to a significant decline in the company’s operating performance. Forth, The inpact of Shareholding structure of listed companies, Tobin’s Q have significant impact on placards, while the company’s growth, solvency on shareholders’ placards is not significant.