摘要
本文提出了新的个股异常波动定义 ,并通过实证方法对我国证券市场上市公司信息披露与公司股价的异常波动相关性进行了描述性统计分析。分析结果表明我国证券市场上市公司所披露信息的信息含量不高 ,不同板块的上市公司由于公司信息披露而引起异常波动方面没有显著差异 ,上司公司信息披露所引起的异常波动较频繁等 ,但是总体趋势是向好的方向发展。最后根据分析结果提出相应的政策建议。
The paper puts forward a new definition for abnormal fluctuation of individual stock,and makes some descriptive statistic analysis on the relationship between the information disclosure of listed companies and the abnormal fluctuation of individual stock in our security market. The result of analysis shows that the utility of information disclosure of listed companies is small;that there are no distinct differences of information disclosure between different block listed companies;and that the abnormal fluctuation caused by information disclosure is extraordinarily frequent,but the whole tendency is turning for the better.Finally it puts forward some policy suggestions about information disclosure of listed companies in the security market.
出处
《财经研究》
CSSCI
北大核心
2002年第7期19-25,共7页
Journal of Finance and Economics
基金
国家自然科学基金项目 (70 0 410 38)
