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Empirical Analysis on Motives behind Acquisitions and Share Price Responses: Evidence from Acquisition in China's Securities Market

GU Yong, WU Chong-feng (Management School , Shanghai Jiaotong University, Shanghai 200052,China)  
Currently in China there are two main means to acquire listed companies: back-door listing and state-owned equity transfer. After verified by regression methodology, the motives behind back-door listing are to pursue inside trading. Furthermore, as far as share price response patterns are concerned, there is no significant difference between the two acquisition means after acquisition cases are studied by factor analysis.
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