A Study On The Effect Of Stock Rename Of The Listed Companies

In 2015,China's stock market listed companies changed the name of the stock frequently,many listed companies in the renamed after the market sought after,this vision has aroused widespread concern in the market.Although the reasons for the change of shares of listed companies are different,but the stock after the name of the market has a lot of similarities.Therefore,in-depth analysis of the market effect caused by renaming,is conducive to investors to make scientific judgments,regulators to develop the appropriate system,which will help the securities market to achieve long-term stable development.In this paper,the market effect of listed companies in the Shanghai and Shenzhen A-share market in 2015 was investigated.The market effect of the sample and the different types of renamed samples was studied,and the comparatively comparable cases were selected for comparative analysis,information.This paper is divided into six parts,the first part of the topic background,meaning and research framework for a summary.The second part uses the literature research method to sort out the existing research,and analyzes the related theory.The third part analyzes the motivations of renaming the stock and studies the development situation and characteristics of this phenomenon in recent years.The fourth part uses the event research method to carry on the statistical analysis to the market effect caused by the stock renaming.In the fifth part of the article,listed companies-Perfect World(002624)and SanQi Interactive Entertainment(002555)are chosen to be the research sample.Analyze the impact of stock renaming events on the stock price and operating status of listed companies from the short-term,long-term market reaction and financial situation.The sixth part summarizes the market effect caused by the renaming events of different types of listed companies,and puts forward some suggestions to the market parties.The sixth part summarizes the influence of the name of the shares on the stock price and the operating status of the listed companies.One of the main innovations of this paper is to analyze the market effect of renaming the stock in different ways,and to study the market effect of different types of stock renaming events.Second,this article not only analyzes the short-term market effect of stock renaming,but also adds a comparative analysis of the long-term market effect and renaming the financial situation before and after the change.Third,this article in the "listed companies to change the securities referred to as the business guidelines" release,non-substantive active renamed limited to the background,for no restrictions,will be renamed in the future event occupies a huge proportion of the substantive active renamed market effect Analysis and recommendations,in the new policy is more practical significance.The main conclusions of this paper are as follows:First,the substantive change of listed companies is the embodiment of the transformation and upgrading of the industrial transformation,and the non-substantive initiative is renamed to be associated with the current hot industry,technology or policy guidance.Second,the substantive initiative to rename the listed companies tend to choose to release the when the share price fell,in order to boost investor confidence and stabilize the company's share price.Third,the stock renamed the short-term market effect as a whole with an early response,the announcement date of excess returns significantly positive,overreaction characteristics."External dominance" Substantive initiative to rename the stock's stock price volatility than the "internal dominance" Substantive active renamed stock stock price volatility is more intense,which is due to the former enterprise management has undergone tremendous changes,so that investors on the business prospects Is expected to produce a greater disagreement.Fourth,the listed company renamed the event itself on the long-term trend of stock price impact is not significant.Stock long-term market performance and corporate performance to a greater extent depends on the name of the management of enterprises after the management level and the development prospects of the industry.