The Analysis On The Effect Of Information Disclosure Guidelines For Listed Companies And Professional Investment Institutions

In 2011,first M&A fund jointly established by listed companies and professional investment institutions appeared in China.Since then,more and more listed companies have chosen to cooperate with professional investment institutions to invest in the establishment of M&A funds.However,most of these M&A funds do not have substantial M&A behavior and are questioned by the market as “Zombie Funds”,which is suspected of deceiving investors.In order to regulate the behavior of listed companies to establish M&A funds,in September 2015,Shanghai Stock Exchange and Shenzhen Stock Exchange issued regulatory documents for listed companies to establish “PE+listed companies” M&A funds,explicitly requiring listed companies to set up such M&A funds.Relevant cooperation matters are subject to standardized information disclosure.Based on the above background,this paper selects A-share listed companies that have established “PE+ listed companies” M&A funds in cooperation with professional investment institutions from September 2011 to June 2018 as research samples,using regression analysis and long-term and short-term events.The law examines the policy effect of establishing information disclosure guidelines for “PE+listed companies” M&A funds.The research found that the information disclosure guidelines played an active role in improving the company’s accounting performance and protecting investor wealth.Specifically,after the authors found that the information disclosure guidelines were issued,the listed companies that set up “PE+ listed companies” M&A funds had a significant improvement in accounting performance in the next fiscal year.At the same time,after the release of the information disclosure guidelines,considering the short-window stock price response,the announcement information of listed companies’ “PE+ listed company” M&A funds can bring more significant positive excess returns to the company’s stock price,which means asignificant increase.Investors’ short-term wealth;when considering the long-term holding return of stock investment,the author found that the long-term decline of the company’s stock price after the announcement of information has been significantly alleviated,which means that information disclosure protects investors’ long-term wealth.The conclusions of this paper indicate that the information disclosure guidelines issued by the regulatory authorities have a positive effect on the “PE+ listed company” M&A funds to improve the company’s accounting performance and protect investor wealth.Finally,the author puts forward some suggestions on how to supervise the establishment of such M&A funds by listed companies.