Research On Short-term Wealth Effect Of Chinese Listed Companies' Mergers And Acquisitions Of New OTC Listed Companies

Mergers and acquisitions are an effective way for enterprises to achieve rapid expansion and optimize resource allocation.Valuable mergers and acquisitions can bring synergy to listed companies,thereby promoting enterprise development and industrial integration more efficiently.In recent years,China's new three board market has developed rapidly,and the M&A events involving A-share listed companies in the New Third Board market have continued to increase both in quantity and in the amount involved.However,whether these growing M&A events can bring certain short-term wealth effects to listed companies,and lack of quantitative research.Therefore,by studying the M&A events occurring in China's new three-board market,it is of theoretical value and strong practical significance to study whether they bring short-term wealth effects to the main M&A companies.This paper selects 62 successful mergers and acquisitions of China's A-share listed companies from the three-listed companies in the three years from January 1,2015 to December 31,2017 as a research sample,using the event research method to select the average excess return and accumulation.Excess income is used as an indicator to measure the short-term wealth effect.The first announcement date of the listed company's merger and acquisition is taken as the event day,and(-150,-16)is selected as the estimation window,(-15,15)as the event window,and the total sample regression analysis is carried out by constructing the market model.Then,according to the classification of the industry in China,the total sample is divided into sub-samples of the three major industries for sub-sample regression analysis,and finally the empirical results are analyzed to draw conclusions.The study found:for the overall sample,M&A can bring short-term positive wealth effects to listed companies.For the sample of the primary industry,M&A can increase the wealth of the company in the short term,but it does not produce significant wealth effects.In the sample of the secondary industry,the M&A event has brought a positive wealth effect to the listed company in the short term,but as time goes on?it will bring a certain negative wealth effect,and the sample of the tertiary industry comes.Said that the empirical results are consistent with the empirical results of the total sample.Based on these conclusions,this paper proposes corresponding policy recommendations:gradually improve the relevant laws and regulations system for listed companies in various industries;for mergers and acquisitions belonging to different industries,measures should be made to suit local conditions;strengthen the information disclosure system,release the new OTC market system Dividends;while adhering to market orientation,strengthen the government's macro guidance.