深市上市公司信息披露质量的市场效应

随着我国证券市场的发展,信息披露制度作为资本市场制度的重要组成部分,对我国证券市场的规范化发展越来越重要。然而,我国证券市场由于存在公司监管和信息披露制度仍然不够完善的问题,上市公司存在一定的信息披露不规范、信息披露失真等问题。本文首次按照修订后的有关上市公司信息披露工作考核办法,采用事件研究法,对在深市主板上市的公司信息披露质量的市场效应进行了尝试性的研究。研究发现市场对不同等级的信息披露质量作出了理性的反应。

Market Reaction to the Information Disclosure Quality of Listed Companies in Shenzhen Security Market

With the development of China’s securities market,the information disclosure system,an important part of the capital market system,is increasingly important for the standardization of China’s securities market.However,with China’s securities markets being inadequate in company regulation and information disclosure system,listed companies are plagued by problems like non-standard information disclosure,earnings manipulation,distortion and other issues of information disclosure.Based on the revised assessment method for information disclosure of listed companies,this paper,adopting event study,conducts an attempted research on the market effect of the information disclosure quality of listed companies in Shenzhen security market.The research result shows that the market gives the rational reaction to different grades of information disclosure quality.