Research On Portfolio Investment Strategy Based On Multi-event Drive

In the secondary market,investors can choose a variety of investment strategies when investing.Among them,event driven investment strategies have recently become one of the strategies that investors prefer and trust.The Beijing Stock Exchange officially opened its market on November 1,2021,mainly providing stock services to innovative small and medium-sized enterprises.This article selects listed companies in the A-share market of the North China Stock Exchange,which have received less attention from scholars,that have experienced three events,namely,shareholder increase,equity incentive,and sales restriction and lifting,as the research object,and regards these three events as the driving events of event driven investment strategies,To determine whether the stock price of a company undergoes a regular change after implementing certain events,that is,investors can obtain relatively significant excess returns by buying and selling stocks in a timely manner and holding stocks reasonably,and propose corresponding event driven investment strategies based on this.This article uses event research methods,improved grey prediction models,and T test methods to deeply explore the time nodes of stock price changes in listed companies,and conducts a significance test on the excess return value.Finally,an event driven investment strategy is proposed,and a feasibility test is conducted.The results show that after the implementation of shareholder increase events in listed companies in the North China Securities A-share market,Investors should promptly respond by buying on the first trading day and selling on the ninth trading day,at which point they can obtain the maximum excess return;In addition,the event of the lifting of restrictions on sales has also had a significant driving effect on stock prices.Investors can buy on the first trading day after the event and sell on the sixth trading day,thereby obtaining relatively significant excess returns;As for the occurrence of equity incentive events,this event cannot become a driving transaction event.Investors should further explore other financial information such as the company’s P/E ratio,P/B ratio,and P/S ratio before making investment judgments.By investing in the Beijing Stock Exchange through such strategies,investors can obtain the maximum arbitrage based on the principle of the law of large numbers.