上市公司传闻的澄清效果研究——来自中国证券市场的证据

发布时间：2018-01-27 05:18

本文关键词： 传闻澄清公告上市公司否认公司声誉　出处：《管理科学学报》2012年05期 　论文类型：期刊论文

【摘要】：发布澄清公告是上市公司应对市场传闻的重要途径.然而,证券市场中澄清公告的实际效果如何,以及哪些因素会影响澄清效果尚未得到实证检验.为此,收集了从2000年到2008年中国A股市场1 960个澄清公告,从中整理出179个针对负面传闻进行"澄清"的样本.研究发现,澄清公告效果一定程度上依赖于公司的澄清方式,模糊澄清非但达不到效果,而且进一步加剧了传闻的影响,产生"澄清公告澄不清"的现象.多元回归模型的结果显示,澄清效果不仅与澄清方式有显著关系,而且还受到公司声誉、停牌等因素的影响.研究结论为传闻心理学实验研究的发现提供了中国证券市场的直接证据,同时也为上市公司有效应对传闻提供了新思路.
[Abstract]:Issuing clarification announcement is an important way for listed companies to deal with market rumors. However, the actual effect of clarification announcement in the securities market, and what factors will affect the clarification effect has not yet been empirically tested. From 2000 to 2008, we collected 1,960 clarification announcements in China's A-share market, from which 179 samples were collected to "clarify" negative rumors. The effect of clarifying announcement depends on the clarification way of the company to some extent, and the fuzzy clarification is not only unable to achieve the effect, but also further intensifies the influence of hearsay. The result of the multiple regression model shows that the clarification effect is not only related to the way of clarification, but also to the reputation of the company. The conclusion of the study provides direct evidence for the discovery of hearsay psychology in China's securities market, and also provides a new way for listed companies to deal with hearsay effectively.
【作者单位】：南京大学商学院;青岛大学国际商学院;
【基金】：国家自然科学基金资助项目(70872046;71072038)
【分类号】：F276.6;F832.51;F224
【正文快照】： 0引言传闻对公司股价会产生影响,有些传闻(特别是负面传闻)的影响甚至是灾难性的.当市场中存在不实负面传闻时,上市公司常常会通过公告进行澄清,其重要目的之一就是期望减少传闻的影响并挽回股价.根据有效市场假说理论,对于半有效市场,股价理论上应在澄清公告当日迅速恢复到

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