业绩信息披露制度对上海股票市场价格波动影响研究

发布时间：2018-05-04 07:34

本文选题：业绩信息 + 信息披露制度　；参考：《贵州财经大学》2014年硕士论文

【摘要】：信息披露制度在证券市场的稳定运作中发挥着重要作用。我国证券市场的信息披露制度在实践中不断发展，但仍然有不少缺陷。在当前我国资本市场制度改革中，信息披露制度具有重要的地位。所以，业绩信息披露制度的研究具有一定的理论和实践意义。本文从业绩信息（具体为业绩报告信息和业绩预告信息两种）披露制度对上海股票的市场价格波动的影响情况来考察业绩信息披露制度改进的可能方向。目的在于从实证的角度分析业绩信息披露对股票的市场价格造成波动的具体规律，并在此基础上对我国上市公司业绩信息披露制度的改进提供政策依据和相关建议。笔者首先界定了信息披露制度的相关概念，梳理了信息披露制度的理论基础。接着，从业绩报告和业绩预告两个方面，详细回顾我国业绩信息披露制度的演变，从中概括了我国业绩信息披露制度的现状及变迁特点，，并将其与国外的业绩信息披露制度进行比较，为其改进指明方向。然后，运用事件分析方法对业绩信息披露对上海股票的市场价格波动影响进行实证研究：分别将业绩报告的股票市场价格波动情况与业绩预告的股票市场价格波动情况进行比较分析；再对业绩预告中不同类型信息的股票市场价格波动情况进行比较分析；然后对预亏预告中不同时序的股票市场价格波动情况进行比较分析。最后，概括了业绩信息披露对股票市场价格波动影响的具体规律，根据其体现的波动差异寻找原因，有针对性地对业绩信息披露制度提出相关改进建议。结论为：业绩预告的股票市场价格波动比业绩报告的股票市场价格波动更显著；预亏信息业绩预告的股票市场价格波动比业绩预告总体的股票市场价格波动更显著；年度首份预亏信息业绩预告的股票市场价格波动比预亏信息业绩预告总体的股票市场价格波动更显著。创新点主要在于分析业绩信息披露对股票的市场价格波动影响时进行细致的实证分析，采用事件分析和比较分析的方法。通过对相关制度的演变分析和实证分析，提出对我国业绩信息披露制度的改进建议，具有一定实际意义。
[Abstract]:The information disclosure system plays an important role in the stable operation of the securities market. The information disclosure system of China's securities market has developed continuously in practice, but there are still a lot of defects. In the current reform of China's capital market system, the information disclosure system has an important position. Therefore, the Research on the performance information disclosure system has a certain extent. The theoretical and practical significance.
This paper investigates the possible direction of improvement of performance information disclosure system from the impact of performance information (two kinds of performance information and performance forecast information) on the market price fluctuation of Shanghai stock. The purpose is to analyze the specific rules of the volatility of the performance information disclosure to the stock market price from the empirical perspective. On this basis, it provides policy basis and relevant suggestions for the improvement of the performance information disclosure system of Listed Companies in China.
The author first defines the relevant concepts of the information disclosure system and combs the theoretical basis of the information disclosure system. Then, it reviews the evolution of the performance information disclosure system in detail from two aspects of performance report and performance forecast, and summarizes the status and characteristics of the performance information disclosure system in China, and makes it with the foreign performance. The information disclosure system is compared to indicate the direction of its improvement. Then, the impact of the performance information disclosure on the market price fluctuation of Shanghai stock is empirically studied by the method of event analysis: the comparison and analysis of the stock market price fluctuation of performance report and the stock market price fluctuation of the performance forecast; The stock market price fluctuation of different types of information in the performance forecast is compared and analyzed. Then, the price fluctuation of stock market in different time series is compared and analyzed. Finally, the article summarizes the physical law of the impact of performance information disclosure on the stock market price fluctuation, and seeks to find out the fluctuation differences in the stock market. The reasons for this are pertinent suggestions for improving the performance information disclosure system.
The conclusion is that the stock market price fluctuation is more significant than that of the performance reported stock market price fluctuation; the stock market price fluctuation is more significant than the overall stock market price fluctuation, and the stock market price fluctuation of the annual initial loss information performance forecast is more than the deficit information industry. The overall stock market price volatility is more significant.
The innovation point is to analyze the impact of the performance information disclosure on the stock market price fluctuation, and adopt the method of event analysis and comparative analysis. Through the analysis and empirical analysis of the related system evolution and empirical analysis, this paper puts forward some suggestions for improving the performance information disclosure system in China, which has certain practical significance.

【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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