上市商业银行澄清传闻公告的效果研究——基于美国雷曼兄弟控股公司正式申请破产保护影响的公告证据

发布时间：2018-06-06 05:17

本文选题：澄清传闻公告 + 市场反应　；参考：《宏观经济研究》2012年09期

【摘要】：发布澄清公告是上市公司应对市场传闻的重要途径,特别是在突发事件或是外部经济环境可能带来负面影响、市场传闻愈演愈烈的时候,证券市场中澄清公告的实际效果如何、市场反应怎样成为本文研究的主要内容。为此,本文以金融危机爆发时最有代表性的特定事件——美国雷曼兄弟控股公司正式申请破产保护时,市场对其给我国上市商业银行带来的影响猜测及传闻蔓延为研究背景,特选取此时上市商业银行公布的公告为研究样本,利用事件研究法进行研究检验。研究发现,澄清公告市场效果具有显著性,一定程度上依赖于公司的澄清方式,强势解释的效果较好,特别是在短期内。研究结论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 hearsay, especially when unexpected events or external economic environment may bring negative effects, when market rumors become more and more intense, what is the actual effect of clarifying announcements in the securities market? How the market reaction becomes the main content of this paper. Therefore, in this paper, when the financial crisis broke out, the most representative specific event, when the US Lehman Brothers Holdings Company formally applied for bankruptcy protection, the influence of the market on the listed commercial banks in China was speculated and hearsay spread as the background of the research. This paper selects the announcement published by the listed commercial banks as the research sample and uses the event research method to carry out the research and test. It is found that the market effect of clarifying announcement is significant, which depends on the clarification method of the company to some extent, and the strong explanation has a better effect, especially in the short term. The conclusion provides a new way for listed companies to deal with hearsay effectively.
【作者单位】：上海金融学院;
【基金】：中央财政资助项目高素质应用型金融会计创新团队项目上海市会计学会课题的资助
【分类号】：F832.33

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