摘要
本文在对深交所信息披露考评进行分析的基础上,采用事件研究方法对考评公告的市场效应进行了实证分析。研究发现,2002～2006年度,市场对信息披露公告未做出显著反应;但2007年度,市场针对不同的信息披露考评等级做出了显著的理性反应。这一变化,反映了投资者对信息披露质量的关注程度和对深交所信息披露考评机制的认可程度在不断提高。
We analyzed the Shenzhen Stock Exchange （SZSE） assessment on information disclosure of listed companies, and investigated the market response to SZSE＇ s announcement of the assessment by using event study method. The research shows that during 2002 to 2006, the market didn＇ t significantly respond to the announcement. But in the year 2007, the market made significant rational responses to the announcement according to different grades of the information disclosure assessment. This variety illustrated that the investors＇ concerns on the quality of the information disclosure and their acceptances of the assessment mechanism were constantly improving.
出处
《证券市场导报》
CSSCI
北大核心
2010年第3期58-65,共8页
Securities Market Herald
基金
国家自然科学基金面上项目"财务报告透明度对投资人保护作用机制研究--以盈余管理为起点"(70872053)资助
关键词
信息披露
信息披露考评
信息披露质量
Information disclosure, Information disclosure assessment, Information disclosure quality
