The Research Of Listed Company Renamed Anomalies In The A-share Market

A-share market listed companies are keen to renamed,investors are madly pursuing renamed stock,the speculations caused by the renamed events disrupted the normal order of the A-share market.To protect the interests of investors and maintain the healthy operation of the A-share market,the Shanghai Stock Exchange(SSE)and the Shenzhen Stock Exchange(SZSE)have successively issued regulatory guidelines for the renamed events of stocks on September 30,2016 and November 3,2016.Therefore,this paper collects data on the renamed events of listed companies,and uses qualitative analysis and econometric analysis methods to study the market effects and regulatory effectiveness of renamed events.The main findings are as follows:First,using the qualitative analysis of the cause of the renamed events,We find that listed companies have large fluctuations in stock prices during the renamed period,and there is a positive rate of return;Second,according to the SSE and SZSE stock renamed events regulatory guidelines,Proposed a series of compliance quantitative evaluation indicators system,and analyzed the compliance of listed company renamed events,We find that after the introduction of regulatory guidelines,the degree of compliance of the renamed events of listed companies in the A-share market has increased,and the number of renamed events has also declined;Third,using the event study to do a quantitative analysis of the market effects of listed company renamed events: Firstly,according to the categorization of renamed events,we find that there are significant abnormal return rate and cumulative abnormal return rate in each market renamed events,but there are differences in market effects between compliance renamed events and non-compliant renamed events.