| 上市公司违规行为的市场反应研究 |
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| 引用本文： | 朱冠东.上市公司违规行为的市场反应研究[J].山西财经大学学报,2011(7). |
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| 作者姓名： | 朱冠东 |
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| 作者单位： | 厦门大学管理学院; |
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| 摘 要： | 文章以2008～2010年发生违规行为的A股上市公司和其配对公司为研究样本,首先对两组样本在处罚公告日前后的收益率进行差异性检验,其次运用多元线性回归分析等方法,进一步分析了处罚公告日前后哪些因素影响以及如何影响违规公司股票的市场反应。总样本研究结果表明,违规公司股票在公告日前后有明显的负向反应。分组样本研究结果表明,违规公司所在行业、处罚机构、处罚原因、处罚措施会对市场反应产生影响。针对不同处罚效果,文章给监管机构提出了可能的应对措施,并给投资者提出了投资建议。
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| 关 键 词： | 上市公司 违规处罚 总样本研究 分组样本研究 市场反应 |
A Study on Effectiveness of Penalties of Listed Companies' Violation of Regulations |
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| ZHU Guan-dong.A Study on Effectiveness of Penalties of Listed Companies' Violation of Regulations[J].Journal of Shanxi Finance and Economics University,2011(7). |
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| Authors: | ZHU Guan-dong |
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| Institution: | ZHU Guan-dong(School of Management,Xiamen University,Xiamen 361005,China) |
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| Abstract: | This paper uses A-share listed companies who were illegal in 2008-2010 and their matching companies as research samples.First,the author tests the differences of yield of two groups.Second,the author uses Multiple linear regression analysis to further discuss which factors may influence the yield and how to influence.Research result on total sample shows that there is some apparent negative response to the punished listed companies around the yield.Group study shows that the industry,punishment institutions... |
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| Keywords: | listed companies penalties of violation of regulations total study group study effectiveness |
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