An Empirical Study On The Announcement Effect And Influencing Factors Of The Targeted Private Placement Of Merger And Acquisition Reorganization

Since 2006,after the split share reform,directional issuance has gradually become an important channel for the financial intermediation of listed companies.Directional issuance is to point to a specific investor non-public offerings,China’s directional issuance and foreign private equity is similar to the listed companies in the initial public offering,in order to invest in the project,expanded reproduction and sustainable management and other funds to take the refinancing method.In the mature capital market,directional issuance is more convenient,and the pertinence is relatively strong.In the course of implementing directional issuance,listed companies to the specific investors to raise new shares to finance,maintain the independence of the financial and managerial rights to enhance the value of the company;otherwise,listed companies can also be injected with high-quality assets,asset reorganization,so as to achieve the company’s overall listing,which not only saves the cost of capital,but also to solve the current domestic and foreign capital markets are widely used in directional issuance of equity refinancing.The development time of China’s stock market is short and the market is not mature,so the announcement news of directional issuance will have an impact on stock price.Many scholars have empirically analyzed the influence of the directional issuance announcement of China’s a-share market on the stock price fluctuation,and come to the unanimous conclusion that the short term directional issuance effect produces positive excess investment yield,which is the same conclusion as the foreign market research conclusion The research on the announcement effect of directional issuance will be deepened,and the academic circles generally believe that the long-term directional issuance announcement effect is related to the investment target of directional issuance and the use of fund raising.This document pertains to the validity of the securities markets and the private placement announcement effect as a theoretical basis,by theoretical analysis and empirical analysis of the method of combining our A-share market in the private placement market announcement effect and its contributing factors to conduct in-depth research.To understand the above ideas,this article mainly from the following two aspects of empirical analysis:First,the reorganization of mergers and acquisitions and private placement announcement effect analysis.The average excess return(AAR)and the cumulative average excess yield(CAAR)as part of the evaluation indicators,select Initial private placement plan announcement,the SFC review announcement and directed the issuance of additional shares on the market,this is a critical time to node 3,while at the same time,a[-20,20],[-10,10],[-2,2].These 3 events window to mergers and reorganization,the company’s private placement announcement effect for research,the time node and select the Announcement covers the majority of existing research,the results of the study on market participants to asset configuration and investment decision-making have a theoretical reference value and relevance.Second,the announcement effects factors research.There is a notice to the effect of the incident,further in-depth analysis of a positive announcement effects.In summary,the stock market of our country increases in the direction detection and sends the predetermined plan announcement date to Securities Supervisory Association through the date period existence predetermined plan announcement effect,the stock price can rise,have exceeds the quota the investment rate of return.Based on the above research,this paper suggests:raise additional barriers,improve the information disclosure policies to encourage shareholders to participate in private placement to enhance investor education,regulate the investment behavior.