证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2010年
3期
58~65
,共null页
信息披露 信息披露考评 信息披露质量
信息披露 信息披露攷評 信息披露質量
신식피로 신식피로고평 신식피로질량
Information disclosure, Information disclosure assessment, Information disclosure quality
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。
本文在對深交所信息披露攷評進行分析的基礎上,採用事件研究方法對攷評公告的市場效應進行瞭實證分析。研究髮現,2002~2006年度,市場對信息披露公告未做齣顯著反應;但2007年度,市場針對不同的信息披露攷評等級做齣瞭顯著的理性反應。這一變化,反映瞭投資者對信息披露質量的關註程度和對深交所信息披露攷評機製的認可程度在不斷提高。
본문재대심교소신식피로고평진행분석적기출상,채용사건연구방법대고평공고적시장효응진행료실증분석。연구발현,2002~2006년도,시장대신식피로공고미주출현저반응;단2007년도,시장침대불동적신식피로고평등급주출료현저적이성반응。저일변화,반영료투자자대신식피로질량적관주정도화대심교소신식피로고평궤제적인가정도재불단제고。
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.