我国上市公司业绩预告修正的市场反应  

On the Market Reaction to Earnings Forecast Revision of Listed Companies in China

作　　者：刘婷[1] 昝玉宇 

机构地区：[1]北京工商大学商学院,北京100048 [2]中国植物油公司,北京100020

出　　处：《现代财经（天津财经大学学报）》2012年第10期58-66,共9页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：教育部人文社会科学青年基金资助项目(12YJC630124);北京工商大学人文社科类青年教师科研启动基金资助项目(QNJJ2011-04)

摘　　要：业绩预告制度的设立旨在提前释放业绩风险,减轻年报披露的股票波动,但业绩预告的主观性和不确定性导致修正公告频出,业绩信息的反复变化干扰了投资者的决策。针对我国上市公司业绩预告修正公告市场反应的事件研究证明,修正公告存在信息含量:在[-50,25]、[-20,20]、[-1,1]三个窗口,不同修正类型公告的市场反应存在显著差异;"同向上升"、"同向下降"及"亏损"修正在公告日后存在显著逆向反应,表明我国资本市场存在逆向投资行为和高抛低买的前景效应。The establishment of earnings forecast system aims to release the risk in advance, to reduce the fluctuation in stock prices of annual report announcement. However, the subiectivity and uncertainty of earnings forecast lead to frequent appearance of correction announcements, changes in earnings mislead the decision-making of investors. The event study on the market reaction to earnings forecast revision announcements of listed companies in China proves that various types of revision announcements lead to a remarkable difference in market reaction. The revision types of ＂ up-up＂, ＂down-down＂ and ＂loss indicating the reverse--investment na. show significant reverse reactions on pro-announcement date, behavior and prospect effect existing in the capital market in Chi-

关 键 词：业绩预告修正 超额股票收益率 事件研究法 

分 类 号：F830.91[经济管理—金融学]