The Influence Of The First Disclosure Of Information On Merger And Reorganization Of Listed Corporation On The Stock Price

M & A is an inevitable choice for optimizing the portfolio of enterprises and optimizing the allocation of social resources.Generally speaking,an enterprise's asset restructuring can expand its strength,realize the optimal allocation of social resources and improve the efficiency of economic operation.In 2014,the "nine new countries" issued by the state encouraged the listed companies to establish and improve the market value management system.In this context,mergers and acquisitions have become the operation means of enterprises to realize the expansion of business and the combination of strong and strong in order to improve the market value.Therefore,the merger and acquisition reorganization in 2014~2016 has a comprehensive outbreak;during the period,the state has issued a large number of cultures.The M & a market of the media industry has become very active,and the merger and acquisition project has reached the height of the industry.According to Wind China data,from the company industry of merger and reorganization in 2016,the number of mergers and acquisitions in the media industry accounts for the highest proportion of the number of components,reaching 25%.In the trend of view,the media industry belongs to the leading industry.With the increase of the consumption expenditure of the residents year by year,the media industry,as an important part of the cultural industry,still has a greater increase in space.In addition,in the three years of 2014~2016,the A stock market index has gone through a small cycle from the bull market to the bear market,from the 2014 low to 2015.The high point of June 12 th,then fell back to 2016,and after the fusing,it basically fell back to the trend of rising point in 2014Under the above background,this paper selects 331 cases of merger and reorganization of the media industry as the research object in the three accounting years of 2014 in the three accounting years of ~2016.The time point is the birthday of the event on the first information disclosure day,the daily closing price of the event is selected for the birthday,the first 15 trading days and the 15 trading days,and the daily closing price of three time points is calculated.The excess return rate AAR and the cumulative excess return rate CAR are calculated,and the case study is carried out by using SPSS and EXCEL software.Analysis,from two aspects of the AAR and CAR T test: on the one hand,according to the fluctuation of the three major index of A shares,the data are divided into three periods of time to be analyzed,respectively,2014~2016 three years,the increase of the 2014.1.1~2015.6.12 index,the 2015.6.13~2016.12.31 index fall section,and the other side,for other factors affecting the volatility of stock prices will be related to the other.The data are analyzed in three aspects: the purpose of mergers and acquisitions of listed companies,the ratio of seller's equity held by buyer's controlling transaction,and the ratio of acquisition to buyer's market value.Through the analysis of the event study,the conclusions of this paper are as follows:(1)the first disclosure of the listed company's merger and reorganization transaction behavior has a significant positive effect on the volatility of the stock price in the second level market after the disclosure,and(2)the significant positive effect of the conclusion(1)is during the period of the A stock index rising(2014.1.1~2015.6.12)and the fall period.(2015.6.13~2016.12.31)all two stages exist;(3)among other factors that affect the stock price volatility,the larger the merger and reorganization behavior of buying a shell and listing a wholly-owned company,and the larger the merger and acquisition turnover accounts for the market value of the listed company,the larger the accumulated excess return generated,and the more significant the excess return on the stock price.It is suggested that the relevant regulatory authorities should continue to give support and guidance to the listed companies in order to make a bigger and stronger merger and reorganization.It is suggested that the investors should not only see the short-term earnings brought by the first disclosure of the merger and reorganization information,and follow the short-term subject speculation.Determined to stick to value investing,value investing is the only way.