Enterprise Transformation?site Visit And Information Disclosure Strategy Of Management

Merge and acquisition(M&A)transformation in China Capital Markets has become more frequently since 2013Y.Not only does the transformation of public company draw the ordinary investors' eyes,but many institutional investors are attracted to site visit as well.The management,as the main party of information disclosure,whose strategic disclosure against the transformation during the period of site visit of securities institutions was seldom researched so far.This paper is based on the LEO Group case of cross-border transformation in 2014Y and vertical M&A in 2015Y and through to investigate site visit times of securities institutions and analyze the minutes of investor relationship management activities,to research the management willingness against the site visit and the purpose of strategic disclosure and the strategic disclosure influence to share price?share holdings of institutional investors?securities analyst following.The study found:The management prefers to accept the site visit of securities institutions during M&A transformation period in order to promote the company popularity in capital markets.The words about the merged company and related characteristic were used frequently by the management during the site visit.The questions to be answered through positive intonation especially refer to introduce the merged company?M&A layout and development prospect in the future.Strategic information disclosure of the management brings about the increase of institutional investors' share holdings and securities analyst following as well as makes share price stable.The transformation can be smoothly going on by the strategic disclosure.In addition,the management does emotion induced by using positive intonation whether before transformation or transformation period.