The Impact Of Movie Release On The Stock Price Yield Of Film And Television-related Listed Companies

China's stock market is growing rapidly,more and more investors are participating in stock trading.At the same time,the movie box office has reached new highs,and the number of moviegoers has continued to grow.As a cultural consumption,movies have become more and more popular and popular.The continued performance of the movie after its release has become an important investment reference,which has an increasingly greater impact on the stock prices of related film and television companies.This article studies the impact of domestic movie releases on the stock price fluctuations of film and television related companies from 2015 to 2019.A total of 135 events of 40 listed companies were selected as samples,and the event research method was used for analysis.The excess rate of return was used as a test indicator.An overall sample empirical analysis was conducted.Panel data on excess returns and cumulative excess returns.A multiple regression model was constructed for multiple regression analysis.The study found the following conclusions: For movie releases,the market appears to be "overreacted".Investors are too optimistic about movies with high popularity,large productions,and high expected box office prices.As a result,expectations for film-related listed companies are too high.Irrational expectations make stock prices fluctuate abnormally,and investors lack the corresponding rational judgment and value estimation capabilities.The relationship between the box office and the stock price reflects that people's expectations significantly affect the stock price of listed companies.Through multiple regression analysis of excess returns,it was found that the higher the single-day box office,the greater the positive impact on stock price volatility.The size of the company has a negative impact on stock price volatility.Through regression analysis of cumulative excess yield,it was found that the "good news" box office forecast had a positive impact on the stock price on the day of disclosure,but the disclosure effect time was short.The "bad news" box office forecast has a negative impact on the stock price two days before,the same day,and after the disclosure,and the disclosure effect takes a long time.Box office forecast accuracy,accuracy,timeliness of disclosure,market value and other factors did not have a significant impact on the cumulative excess return.The side explained that during the box office forecast disclosure period,abnormal stock price fluctuations were related to movie box office.Based on the above conclusions,this article puts forward the following suggestions: Investors should rationally treat film and television hot spots;strengthen rational investment education and improve awareness of information disclosure;avoid exaggerated publicity at the company level and effectively improve the quality of films.