Research On Stock Price Effect Of Listed Companies' P2P Network Loan

At present,China's small and medium-sized enterprises and individuals in the limited financing channels,bank loans for the often long cycle,complicated procedures,and require collateral,the much-needed funds for small and medium enterprises and individuals is difficult to obtain financing,so the P2P network lending platform occurs in the base of Internet financial development,in recent years it is a period of rapid development,provides a convenient choice for small and medium-sized enterprises and individual financing.At the same time,P2P network lending industry thriving prospects also won the favor of many listed companies,stock prices soared in 2015 is to stimulate the investment enthusiasm of listed companies,whether it is BAT or small Internet Co,have started to engage in Internet banking,especially in the field of P2P.According to net loan home statistics,as of May 2016,involving listed companies to participate in the P2P platform has more than 80.These listed companies involved in the P2P network lending platform is perhaps in order to match the development of current industry development strategy through the way of seeking financial industry bigger and stronger,better,perhaps it is seeking a better development opportunities into new industries,but also perhaps realizing short-term goals of market value management.Comparison of supervision of listed company into the P2P industry,it can make the industry toward a more standardized direction,but it is worth noting that these with an aura of P2P listed companies,stock prices have larger gains,nearly 90%of the company shares outperform.Industry gehangrugeshan,in the absence of P2P industry regulatory system under the background of the listed company to test the water P2P is for speculation or for business,has yet to be verified.Listed companies issued shares of the P2P network lending platform belongs to the announcement of economic events,and the event study is as the "event" to announce an event,for a period of time.The sample stock price or return rate of the investigation before and after the event,in order to explain the effect of this event to change the sample stock price or yield.Therefore,a new perspective of the paper in reference to previous research,combing the relevant theory of intuitive analysis of the current situation of the listed company shares of P2P network lending platform and the existing problems,and selects the 32 listed company shares of P2P network lending industry,closing price data acquisition of listed company stock,using event study method the standardization of each closing price,the abnormal return and cumulative abnormal return rate and the significance test,finally according to the empirical analysis of existing P2P network lending platform shares of listed companies and the problems in the process of multi angle put forward suggestions,provide relevant suggestions for the development of the listed company and the P2P network lending platform the proposed valuable policy suggestions for the government supervision.This paper through analysis,draw the following conclusions:(1)the small board stocks favored the concept of P2P net loan(2)service manufacturing and information technology industry listed companies love cross layout(3)a large number of shares of listed companies continued losses(4)profitability,solvency and development ability of listed shares the company is the difference distribution(5)listed companies to enter the P2P net loan industry participation,building times(6)had a positive effect on the P2P network lending platform shares of Listed Companies in the positive events on the stock price of listed companies.At the same time,listed companies issued shares before the announcement of the 15 day cumulative abnormal return through the 0.1 level of significance,can explain the operation mechanism of the securities market is not perfect,there are loopholes in the supervision of information disclosure,some investors have insider information,while listed companies use insider information to hype the concept of P2P net loan subject,elevation stock price.