交易所年报问询函具有信息含量吗?

被引：40

作者：

郭飞

周泳彤

机构：

[1] 中南财经政法大学会计学院

来源：

证券市场导报 | 2018年 / 07期

关键词：

信息披露; 交易所年报问询函; 信息效应; 市场反应;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

摘要：

信息披露监管对于资本市场有效运行具有重要意义。本文以证券交易所年报问询函为研究对象,运用事件研究法探讨年报问询函披露的市场反应。研究结果表明,年报问询函披露的累计平均异常收益显著为负,年报问询函具有信息含量。本文进一步发现,收入问题集中度越高的年报问询函,负向市场反应越大,累计异常收益越小。投资者关注度对二者关系起到调节作用,即关注度越高,问询函收入集中度与负向市场反应的关系越强。本研究为证券交易所年报信息监管的有效性提供经验证据,也为交易所不断完善年报问询函的内容和规范上市公司信息披露行为提供借鉴和参考。

引用

页码：20 / 28

页数：9

共 24 条

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