| Placard refers to an act in which the number of stocks bought by investors through the secondary market in the capital market totals more than 5% of the company's total share capital and their multiples.Since 2014,the scale of placards in the capital market has gradually expanded,which has had a certain impact on the market and has also received attention from the academic community.However,due to the large-scale appearance of placard events,research in the past two YEARs has mostly focused on insurance funds,which is insuffcient for other subjects in the placards process.However,since the wave ofsponsorship of insurance funds in 2015,private equity funds and STATE-owned capital have become important placards in the market.In this paper placards events between 2012 and 2017 as a data sample,from the perspective of financial capital,research insurance funds,private equity funds and the wealth effect placards behavior of the three-STATE-owned capital to shareholders of listed companies brought about,and the impact of wealth factors effect.In terms of the wealth effect brought about by the studies the excess abnormal return rate generated by placards by constructing an event research methodology framework.The study finds that from a holistic point of view,tying financial capital can bring about a positive shareholder wealth effect,and the average abnormal return rate has a short duration.It is only significant within the licencing event window [-3,2],and the cumulative average is abnormal.The rate of return has been significantly positive since the first three days of the event.In the grouping study,this paper calculates the cumulative average abnormal return rate for 13 windows with different lengths from the four perspectives of the main body of the cards,the purpose of the cards,the use of leverage,and the types of stocks being branded.Whether or not it can generate shareholder wealth effects within different time windows,as well as the characteristics of the process of generating wealth effects.In the study of the influence factors of the shareholder wealth effect,this article uses the multiple regression analysis method to measure the wealth effect by using the accumulated abnormal returns in [0,5],[0,10] and [0,20] three time windows.Indicators increase the time dimension of the analysis of impact factors.The study finds that the growth of pre-branded stocks and the short-tem movements of the pre-licensing market have a lasting effect on the shareholder wealth effect.Among them,the three-year average growth rate and the short-term trend status of the placards reflect the growth rate.The time window is significantly effective·Except for the above,the three indicators of placard subject,type of stock being placarded,and accumulated anomaly before placard are valid only for the [0,5] period;the placard purpose passes the significance test from [0,10] weeks.,and continues until the [0,20] period;the use of leverage in the placard is only valid within [0,20].Through the foregoing research,this article proposes an investment strategy for individual investors to participate in placard events,that is,holding events for more than three days,and the average revenue growth rate during the three years prior to the selection of placards is high,and the turnover rate in the first 20 days per day.The stocks with low or cumulative increase have been raised;rational licensing has been proposed for financial capital,and the business strategy for the risk control system has been improved;and regulatory agencies have been proposed to focus on controlling leverage and to improve the information disclosure system of placards. |
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