Research On The Effect Of Announcement Of Stock Market

The concept of placards is that if an investor of the secondary market buys stock of a listed company which makes its shares reach a certain percentage,it must declare announcement according to the relevant laws and regulations.In the capital markets of Europe,United States and other mature capital markets,placards is considered as an important way of strategic investment and has significant social effect.Compared with the capital markets of Europe and United States,China's capital market is young and immature,which makes the quantity and impact of placards small and limited.But with the fast development of recent years,China's capital market has become maturer and its placards incident is gradually increasing,some new market factors such as insurance capital and the following policy change also make a greater impact.In this context,the placards on China's capital market have had some new features:Firstly,the quantity of placards has increased rapidly,especially in year 2015 and 2016,a surge of placards has been seen on China's capital market;secondly,the influence of placards have become greater,with some typical events such as Bao-Wan dispute have go twisted and intensified,which makes the topic about placards a social hot spot.Lastly,the depth and breadth of regulatory policies concerning placards has increased,bringing an unprecedented impact on the market.Based on the above background,this article carries out in-depth discussion about placards event from many perspectives,which includes the qualitative and quantitative.Firstly,this article summarizes the relevant literature of the past,which helps us to understand the placards events from different perspectives and provides the following research a reference.Secondly,the qualitative analysis method is used to study the change of the placards system and the behavior motivation in the capital market.In the meantime,based on the relevant important information and announcement of the interpretation of the behavior of the sample case,this paper makes a definition of motivation in each case.Thirdly,on the basis of qualitative analysis,this paper performs quantitative analysis,selects the cases of placards of China's A-share listed companies from 2012 to 2016 as the sample data,and use event research method and multiple regression model to analyze the market wealth effect and its influencing factors.By analyzing the above empirical results,the following conclusions are drawn:Firstly,the short-term announcement effect of placards is significantly positive.Secondly,the wealth effect of placards is affected by the specific nature of the placards incident,such as major shareholder,insurance capital and the expected behavior of placards in the near future have made the announcement effect more obvious.Thirdly,the psychological factors of investor have an impact on the final outcome of the announcement effect.Fourthly,the behavioral motive in the placard case does not significantly affect the announcement effect in the statistical sense.Finally,summarize the comprehensive text and the current background,try to make some advice and suggestions about improvement and perfection of China's placards system.