【摘要】：業(yè)績預(yù)告制度的設(shè)立旨在提前釋放業(yè)績風(fēng)險(xiǎn),減輕年報(bào)披露的股票波動(dòng),但業(yè)績預(yù)告的主觀性和不確定性導(dǎo)致修正公告頻出,業(yè)績信息的反復(fù)變化干擾了投資者的決策。針對我國上市公司業(yè)績預(yù)告修正公告市場反應(yīng)的事件研究證明,修正公告存在信息含量:在[-50,25]、[-20,20]、[-1,1]三個(gè)窗口,不同修正類型公告的市場反應(yīng)存在顯著差異;"同向上升"、"同向下降"及"虧損"修正在公告日后存在顯著逆向反應(yīng),表明我國資本市場存在逆向投資行為和高拋低買的前景效應(yīng)。
[Abstract]:The establishment of the performance forecasting system aims to release the risk of performance in advance and reduce the volatility of stocks disclosed in the annual report. However, the subjectivity and uncertainty of the performance forecast lead to the frequent changes of the revised announcement, and the repeated changes of the performance information interfere with the investors' decision. According to the event research on the market reaction of the revised announcement of the performance forecast of the listed company in China, it is proved that there are three windows in the revised announcement: [-50 ~ 25], [-20], [-1], There were significant differences in the market response of different revised types of announcements, and significant adverse reactions existed in the "upward", "same downward" and "loss" revisions after the announcement. The result shows that there are adverse investment behavior and prospect effect of high selling and low buying in Chinese capital market.
【作者單位】： 北京工商大學(xué)商學(xué)院;中國植物油公司;
【基金】：教育部人文社會(huì)科學(xué)青年基金資助項(xiàng)目(12YJC630124) 北京工商大學(xué)人文社科類青年教師科研啟動(dòng)基金資助項(xiàng)目(QNJJ2011-04)
【分類號】：F832.51;F224
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本文編號：2210218