| The behavior of main company’s centralized bidding acquisition is beneficial to promote and enhance the value of listing Corporation. Once announcement about centralized bidding acquisition is disclosed, involved stocks often abnormally rise, which provide a chance for investors to arbitrage with suitable investment portfolio. This paper focuses on centralized bidding motivation and how different type of capital reflects its investment value in A-share market. First of all, this paper summarize that centralized bidding is one of the important contents of enterprise self-development, which motivation can be expressed as internal motivation, external demand and policy support. Then, this paper investigates investment value of different type of capital based on 249 bidded listed companies for the period between 2005 and 2015 in A-share market. In this paper, the event study method has been used to carry out an empirical study, which conclusion can be drawn as follow:(1) Announcement about centralized bidding acquisition contributes to significant positive market reaction;(2) Further initial bidding acquisition has better profit than non-initial acquisition;(3) Profit of centralized bidding has no significant difference among insurance funds, industry funds and private equity funds in a short time.In this paper, the research of other scholars on centralized bidding cases, motivation and arbitrage strategy is complementary, which provides reference for investors to arbitrage with suitable investment portfolio. |
PDF Full Text Request