近年来，资产重组事件在资本市场上的发生频率居高不下，尤其是自2014年以来出现了“重组热潮”，上市公司将其视为改变资本结构并获取进一步发展的重要手段。通过回顾相关文献及案例发现，股票价格在资本市场接收到重组信息后会出现异常的波动，这说明资产重组不但在企业自身发展上有一定的作用，也会影响投资者的决策。正是因为资产重组对市场的影响程度较大，证券监管部门相继出台政策，对涉及资产重组的相关问题进行规范，在确保证券市场秩序的同时保护投资者的合法权益，促使资产重组在市场中的有效实施。因此，本文的研究基于现如今资产重组的热潮下，考察我国上市公司资产重组行为引起的市场反应，及不同资产重组特征对公司市场表现的影响。 为了研究资本市场对资产重组事件的反应情况，本文采用研究市场反应最常用的方法——事件研究法，并以深沪A股市场中2012至2016年完成资产重组的事件为研究对象，经筛选后得出共计316个研究样本，对其在窗口期[-20,20]内进行研究并得出结论：在所选窗口期内市场对该事件有着显著为正的市场反应，且这种正向的市场反应在事件公告前已经出现，但在后期有回落的趋势，说明这个正向的市场反应是短期的。此外相关信息在事前泄露的现象十分明显，即重组事件存在被部分人利用并谋取私利的现象。 为了对资产重组事件进行深入探讨，本文对不同类型的重组事件进行研究，发现发行股份购买资产的市场反应最为积极，这主要是由其特殊的支付方式引起的。又基于对资产重组事件的不同影响因素分类讨论市场反应情况，并进行多元回归分析，得出上市公司企业性质为国企与资产重组市场反应负相关；上市公司资产重组涉及关联交易与资产重组市场反应正相关；投资者对资本市场的热情度、事件的内幕交易程度、重组交易规模与上市公司资产重组市场反应显著正相关。 最后结合以上研究所得结论，本文以保护中小股东的利益为出发点，对证券监管部门、上市公司管理层及资本市场投资者三方分别提出了相关建议，以求进一步改善在资本市场中利用资产重组事件操控市场、谋取私利，进而损害中小投资者权益的现象。

In recent years, asset restructuring events in the capital market has a high frequency.Especially the emergence of the "restructuring boom" since 2014, listed companies regard asset restricting as an important means of changing their capital structure and gain further development. By reviewing relevant literatures and cases,we can found that the stock price will abnormal fluctuation after receiving reorganization information from the capital market .It’s means that assets reorganization is not only an important issue of enterprise development,but also a factor that affects investors’ decisions.It is because the impact of asset reorganization on the market greatly, goverments have issued policy related to the reorganization of assets, to ensure the protection of the legitimate rights and interests of investors and the securities market order, to promote the effective implementation of the reorganization of assets in the market. Therefore, this paper is based on the current boom of asset restructuring, to examine the market reaction caused by the asset restructuring of Listed Companies in China, and the impact of various types of asset restructuring on the performance of the company's market. In order to study to the reorganization of assets on the capital market, this paper adopts the method named “event study”,which is the most commonly used method to study the market reaction.And the study object is the listed companies in Shanghai and Shenzhen A stock market from 2012 to 2016 , a total of 316 samples, the [-20,20] of the window period the conclusion is: in the selected window period for the event has a significant positive market reaction, and the positive market reaction has emerged before the event announcement,but the downward trend in the later stage, illustrate the positive market reaction is short. In addition, the phenomenon of information disclosure is obvious, it’s means that there are some people take advantage of this matter for personal gain. In order to discuss the reorganization of assets, this paper studies the different types of reorganization events and finds that the market reaction of the purchase of shares is the most positive, which is caused by its special payment method. Based on the different influencing factors of asset reorganization, the market reaction situation is discussed and the multiple regression analysis is carried out. It is concluded that the nature of the listed company is negatively related to the response of the state-owned enterprises to the reorganization of its assets. The reorganization of the listed company involves the related transaction positive correlation. Investor enthusiasm for the capital market, the event insider trading degree.The size of the reorganization of transactions and listed companies asset restructuring market reaction is significantly positive correlation. Finally, based on the conclusion of the above research, this paper puts forward relevant suggestions to the securities regulatory authorities, the management of the listed companies and the investors of the capital market.In order to further improve the use of asset reorganization events in the capital market, taking the interests of protecting the minority shareholders as the starting point Manipulate the market, seek personal gain, and thus damage the interests of small and medium investors.