An Empirical Study On The Impact Of Major Asset Restructuring On The Stock Prices Of Listed Companies In The Sub-new Stock Sector

With the development of social economy,enterprises can optimize the allocation of resources to expand their scale and improve their competitive advantages,pursue the maximization of market value in the capital market by means of asset restructuring.Through asset restructuring,listed companies can achieve the goal of scale expansion,production technology improvement and management ability in a short time,which is an effective measure to the company’s internal growth.This paper takes the events of newly listed companies that issued major asset reorganization announcements from 2015 to 2017 as the sample.Uses event study method to calculate excess rate of return,and research the short-term impact of major asset reorganization on stock price.This paper first sorts out the concept and connotation of secondary new shares and major assets reorganization,as well as relevant theories of major assets reorganization,which lays a theoretical foundation for the study of this paper.Secondly,on the material assets reorganization of time to study the impacts of new shares of the listed company’s share price to carry on the design,put forward the research hypothesis,the sample and the data sources,selection window and the establishment of calculation model,and the research methods of this article event study made a simple introduction,analysis of selected samples are classified.Thirdly,the calculated data were grouped and sorted,and the trend chart of excess earnings and accumulated excess earnings was made to analyze the data of each group.Finally,the empirical research conclusions by grouping analysis summary,in the short term,after the success of the material assets reorganization of listed companies after the resumption of information disclosed for the first time,on the whole,positive excess returns available for several days,after the termination of the resumption of the material assets reorganization,will lead to continuous negative excess return,and whether it succeeds or not,related party transactions of excess return is significantly higher than the related party transactions,the mixed payment excess return is significantly higher than the cash payment and issuing shares of payment.Then it gives advice from the perspective of investors,listed companies and regulators.