Research On The Recent Market Reaction And Influencing Factors Of Shareholders Of Listed Companies To Increase Their Holdings

The placard refers to that in the secondary market environment,when a stock of a listed company occupies a certain proportion of the total number of shares of the company,an act of announcement should be declared in accordance with the requirements of relevant laws and regulations.With the further development and maturity of China's capital market,China's capital market needs to carry out various aspects of exploration and analysis.The market reaction of placard increase is one of the key topics in the research field at this stage.At present,some scholars in China have conducted in-depth explorations on shareholder quotation and increase in holdings,but the research content basically focuses on the short-term market response of such activities.Therefore,this paper has learned and summarized the results of previous studies.On this basis,the long-term market reaction,short-term market reaction and related influencing factors of placard increase behavior were studied.At the beginning of the article,the relevant literatures related to the placard increase and hold at home and abroad were elaborated and compared.Subsequently,this paper takes the placard increase event of the listed companies in the domestic A-share market from July 1,2013 to June 30,2018 as a research sample,using multiple regression and event research methods to analyze the activity.The market reaction and the influencing factors of the reaction were explored.Finally,through the empirical analysis results,the relevant conclusions can be summarized as the following three points: First,the short-term announcement effect of the placard increase is significantly positive,and most of the sample companies within six months are more likely to increase their holdings and their long-term market response is significantly positive;second,the short-term announcement effect of the activity is affected by its own specific nature.For example,when the major shareholder placards a placard event,the performance of the enclosure announcement effect will be more prominent.Whether the first major shareholder of the brand is a state-owned enterprise and whether it has the willingness to continue to increase its holdings has no significant impact on the short-term market reaction;third,the average transaction price is negatively correlated with the short-term market reaction,and the ratio of the largest shareholder to the short-term market is positively correlated,and the historical financial information such as the financial leverage and revenue growth rate of the listed company has no significant impact on the short-term market reaction.