上市公司重大信息披露与股价异动的相关性研究

On the Relativity of the Major Information Revelation of the On-market Companies and the Unusual Stock Fluctuation

本文运用事件分析法,以沪市全部A股上市公司为研究对象,对2001和2002年年度报告中净利润同比增长分别超过100%和30%和2002年上半年控制权发生转移这两类重大事件信息披露的上市公司进行研究,结果表明上市公司重大信息披露与股价异动存在明显的相关性,从而验证我国证券市场内存在严重的内幕交易。本文的研究旨在为进一步完善、改进监管措施、提高监管效率提供有益的建议和参考。

This paper, with the case study of all the A-Stock on-market companies in Shanghai, discusses the following two major information Revelation of the on-market Companies: one is that in 2001 and 2002 annual reports the benefits of the companies reached the growth beyond 100% or 30% than the same period of last year; the other is that in the first half of 2002 the stock-control rights were transformed among the companies. The findings of the analysis is that there is an obvious relativity of the major information revelation of the on-market companies and the unusual stock fluctuation, from which the serious low-down trade on Chinese stock market has been exposed. This paper aims to present some suggestions and countermeasures for the improvement of the corresponding monitoring and management