Question

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The theoretical of market response is based on the market efficiency hypothesis (EMH), Fama[9] definite the concept of market efficiency :Prices always reflect the full market information is valid and in 1965, he classified it into three as a weak form efficiency, semi-strong form efficiency and strong form efficiency[10]. Current research shows that scholars in Western countries had achieved that the financial markets generally semi-strong efficient. Most of the domestic research as early as China's share reform, although there are limitations, the study after circulation was relatively small. Yu Yuxin, Yang Dakai[11], He Xiannan, Chen Liang[12] examined the split share structure reform of China's market efficiency of processing of new information, that the share reform increases the relative effectiveness of China's stock market. Li Jia, Wang Xiao [13] method the effectiveness of China's financial market, with the variance ratio test results that short-term of stock market is weak efficiency, but long-term is largely ineffective.Zhang Jianbin, Bao Xinzhong[14] suggests that Shenzhen securities market has been weak efficient, but not yet reached the semi-strong efficient based on the research of Shenzhen stock market. From the findings of many scholars we can see there are different conclusions but we can sure that the
effectiveness of China's capital market will be improved as we are entering into complete circulation. In this paper I will use the event study to study the market response to mergers and acquisitions, and then use regression analysis to analyze the influence factors.

II. RESEARCH METHODS, SAMPLES AND VARIABLE
DEFINITIONS
2.1 Research methods
This article is based on Fama's semi-strong efficient market, using event study method study the market reaction of M & A of real estate listed companies. Dolly is the first using Event study. In 1993, he used 95 samples of the U.S. stock market from 1921 to 1931 to research the split- stock event on stock prices. Event study method is as follows:
1. Custom events; First define the event window, the estimated window. Then the event is defined as the acquisition announcement date of the first place, based on the semi-strong efficient market hypothesis, assuming that the market reaction to events will take some time so the event window is defined as 10 days after the announcement：[-10,10]。Estimated prior to the event window is from 60 to11 days:[-60，-11].

Answer 1

理论的市场反应是基于市场的有效性,本文假设(EMH)[9]明确市场效率的概念:价格总是反映完整的市场信息是一种有效和1965年,冯友兰它分成三个作为一种弱势形式效率、半强势形式效率和强大的表格效率[10]。目前的研究表明,学者,在西方国家已经取得了金融市场通常半强势有效。大部分的国内的研究早在我国股权分置改革,虽然有局限性,研究后循环相对较小。俞豫新、杨打开[11],他Xiannan,陈梁[12]检查了股权分置改革的我国市场效率的处理的新信息,股权分置改革提高了相对有效性的中国股票市场。丽嘉,王建民小[13]方法的有效性,对中国金融市场,与方差比测试结果,短期的股票市场是虚弱的效率,但长期很大程度上是无效的。张建斌,鲍Xinzhong[14]表明深圳证券市场有了弱有效,但未达到半强势有效进行研究的基础上深圳股票市场。许多学者从发现我们可以看到有不同的结论,但我们可以确定
中国资本市场的有效性将会提高我们正在进入完整的循环。在本文中我将利用事件研究来研究市场应对合并和收购,然后运用回归分析的基础上,分析了影响因素。