An Empirical Study On How Securities Firms And Banks' Stock Price React To Their Releasing Information About Fintech

First of all,under the background of financial technology promoting the global financial industry,securities companies and banks must use technology to drive business transformation.Secondly,the customer features begin to be long tailed,making the securities firms and banks have to tap more potential customers through the development of financial technology to get a larger market share.Thirdly,the intensification of industry competition has made securities companies and banks have to improve their efficiency through technological means,reduce costs and win the market.Finally,in order to control the risk of the financial system,the regulatory authorities have issued various business operation regulations,and put forward higher requirements for the risk control ability of the securities companies and banks.It can be seen that under the above background,major brokerages and banks are competing for the layout of financial technology to win the market.Financial technology is gradually becoming the core competitiveness of securities companies and banks.This paper briefly summarizes the financial science and technology,clarifies the internal reasons for the financial science and technology of the securities dealers and banks,the bank and the securities dealers on the distribution of financial science and technology,introduces the relationship between the financial technology and the market value of the financial science and technology,and then analyzes the financial section of the securities dealers and banks by the event study method.The influence of technology information on its stock price is explored to find out whether financial technology can improve the market value of securities companies and banks.In addition,this paper also uses the cross section regression analysis method to make an empirical analysis on the influencing factors of stock price effect produced by securities firms and banks.Finally,the following conclusions are drawn:(1)the average cumulative abnormal return of CAAR and T=[0,20] can reach 7.55% and 1.33% respectively.After merging brokerage stocks and bank shares,CAAR reached 4.01% during the T=[0,20] period.It shows that after issuing relevant financial and technological information,securities companies and banks can enhance the market value of enterprises.(2)the abnormal return rate CAR(0,0)and the 3 day cumulative abnormal return rate CAR(-1,1)and the company's time of listing are not significantly related to the issuance of financial information.(3)the abnormal return rate CAR(0,0)produced by the securities dealers and the cumulative abnormal return rate of 3 days CAR(-1,1)have a more obvious negative correlation with the net profit of the company and the total assets of the company.For banks,the correlation between company net profit,total assets and explanatory variables is not obvious enough,and the significance is not high enough.(4)the merger analysis of securities and bank stocks,the abnormal return rate CAR(0,0)produced by the company's financial information and the 3 day cumulative abnormal rate of return CAR(-1,1)and the time of the company's listing are not obvious.And there is a clear negative correlation between corporate net profit and total assets.