信息披露违规处罚的市场反应及其对投资者利益的影响  

The Market Reaction and the Impact on Investors' Interest of the Punishment of Illegal Disclosure

作　　者：黄政[1] 吴国萍[1] 

机构地区：[1]东北师范大学商学院,吉林长春130117

出　　处：《东北师大学报（哲学社会科学版）》2013年第3期66-71,共6页Journal of Northeast Normal University(Philosophy and Social Science Edition)

基　　金：教育部人文社会科学基金项目(09YJA630019);吉林省社科基金项目(2012B51);吉林省教育科学"十二五"规划项目(ZC12004)

摘　　要：信息披露违规行为严重干扰了证券市场的秩序,损害了投资者的利益。笔者以2002-2008年间因信息披露违规受中国证监会和证券交易所处罚的311家上市公司及其非违规的配对公司为样本,采用事件研究及回归分析的方法,从股权性质、处罚方式及对同行业的冲击方面研究信息披露违规处罚的市场反应和对投资者利益的影响。结果表明,违规处罚造成了显著的负向市场反应,民营上市公司的负向反应更为强烈;民营及受处罚较重的上市公司的投资者因处罚公告而受损失的程度更大;同行业上市公司的投资者也难以幸免。Information disclosure violations seriously disturb the order of the securities market and harm the interests of investors.We study the market reaction of the punishment of illegal disclosure and examine the relation between the punishment of illegal disclosure and the impact on investors＇ interest from equity nature,the way of punishment and the impact on the intra-industry using 311 listed companies that penalized by CSRC and stock exchange for illegal disclosure during 2002 to 2008 and 311 paired listed companies.By using event study and regression analysis method we find that the punishment of illegal disclosure caused significant negative market reaction and there is stronger negative reaction when it comes to the private listed companies.Further,we find that investors in private listed companies or heavily published listed companies suffered larger losses.We also find that the investors of listed companies in intra-industry would be influenced.

关 键 词：信息披露违规 处罚公告 市场反应 投资者损失 

分 类 号：F276.6[经济管理—企业管理]