The Study Of The Mergers And Acquisitions Event Information Dissemination And Stock Market Response Of The Listed Companies In China

The rapid development of capital markets has led to more and more fierce competition among enterprises. So as to further growing,enterprises tend to choose mergers and acquisitions means to obtain the new businesses opportunities, through the obtain of assets, Conformity resources, the absorption of high-quality resources from the target company, which have Better resources in technology, management, resources, making companies to obtain more competitive.For many domestic and international M &A Case Study of both companies, most of the scholars from the perspective of short-term performance and long-term performance study m&a returns for both sides enterprises.From different types of mergers and acquisitions, M&A scale, payment and the choice of the target company as a control variable to explore the influence effect factors of M&A.The network has become an important part of the production and living essential, the development of modern information technology making a faster development of industrial upgrading.However, now in the capital markets, there are still information asymmetry.Some scholars have been demonstrated through the empirical research that domestic capital market still have not reached a strong efficient market phase.Internet information has accelerated the propagating of news transmission efficiency, widening the scope of message dissemination, users are free to collect helpful information according to their needs.It is convenient for the domestic securities market with large Numbers of retail group people.Distinguished from foreign capital markets which is composition by professional investment institutions, Chinese stock market is made up of a large number of retail investors, due to its limited expertise to promote their investment decisions deeper rely on the information on the Internet.Effective use of network resources to gain information, stock information exchange forum for investors to provide a convenient place.Many scholars study stock forum posting behavior associated with the market and found that the amount of content posted in forum posts to some extent, there is a correlation with market data.On this basis, according to this study sample design excluded rules, select the 30 companies acquisitions studied samples from the wind financial database.According to each of their M&A event announcement, using event study method select both events before and after 15 days as the event window period, using the data which before the event 115 days to the previous 16 days as an event estimation period, download and organize corresponding market data and share it forum posting data.Through empirical analysis, buyer enterprise of the merger and acquisition activity in the (-15,15) window period can be obtained significantly positive excess return, and more nearby the events day,the company will achieve significant average abnormal return.In addition, since the buyer enterprise of the merger and acquisition activity gain significant excess returns before the event day,manifesting the existence of market information disclosure.By establishing a post count regression analysis showed that postings on the day and the day before the postings and yield were significant negative correlation,the Internet forum news dissemination and bazaar situation of mergers and acquisitions event are correlation,network information forum for investors exchange and sharing of resources and provide a better platform.