The Stock Price Effect Of Placards And The Influence Of Shareholding Structure And Information Disclosure Quality On The Placards

The placard is a system designed by the state to protect the interests of small and medium investors and prevent large institutional investors from manipulating stock prices.The"Securities Law"stipulates that when an investor holds 5%of the issued shares of a listed company,it shall,within 3 days from the date of the fact,make a written report to the securities regulatory authority of the State Council and the stock exchange to notify the listed company and It is announced and fulfills the obligations stipulated by the law.This is called"selling"in the industry.In recent years,there have been frequent placards in China's A-share market.The placard will cause fluctuations in the stock price of the listed company and investor concerns.Therefore,Therefore,the influence of the placard event on the stock price and what factors have affected the placard has attracted the attention of researchers.How does the placard affect the stock price?It is generally believed that a placard event often leads to a stock price effect.On the one hand,the placard has already bought the stock of the target company.On the other hand,after the disclosure of placard information,the market's follow-up effect will attract investors to the listed companies.It will cause the listed company that is listed to have a higher yield than the normal rate of return over a period of time,thus forming an excess return.In this paper,the event research method and the one-sample T test are used to study the stock price effect of the placard,and the average excess return rate AAR_t and the cumulative average excess return rate CAAR_t are used to measure the stock price effect,and the one-sample T test is used to test the significance of the stock price effect.It is found that in the window period[T-10,T-0],the listed company will have a significant positive stock price effect on the company;in the window period[T+1,T+15],it will be listed.The company's placard will not create a significant stock price effect on the company.That is,there is a significant excess return before the disclosure of the placard information,and there is no significant excess return after the disclosure of the placard information.What factors affect a company being placarded?This paper studies the company's placards from the perspective of ownership structure and information disclosure quality.Firstly,Based on linear and non-linear Logistic models,equity concentration,equity checks and balances and equity nature are used to characterize the shareholding structure.The shareholding ratio of the largest shareholder is used to measure the equity concentration.The Z index measures the equity balance,the shareholding ratio of the state-owned shares and the legal person shareholding.The stock ratio measures the nature of equity,and studies the impact of the company's shareholding structure on the placard.The study found that the shareholding ratio of the largest shareholder has a significant non-linear effect on the listed company's placard,that is,as the shareholding ratio of the largest shareholder increases,the possibility of the listed company is reduced first and then increased.U-type relationship;Z-index,shareholding ratio of state-owned shares and shareholding ratio of legal person shares have a significant negative impact on their placards,that is,the higher the Z-index,the proportion of state-owned shares and the shareholding of legal person shares,the listed companies are listed The less likely it is.Further,Based on the linear logistic model,the KV metric is used to measure the quality of information disclosure,and the influence of information disclosure quality on the placards is studied.The study found that the quality of the company's disclosure has a significant negative impact on its overall rating on the SSE Motherboard,SZSE Board,SME Board and A-shares.