我国上市银行金融创新信息披露的市场反应研究

An Empirical Study on Capital Market Reaction during Disclosure of Commercial Ranks＇ Financial Innovation

本文以1991年-2011年间16家上市商业银行披露的金融创新事件作为研究样本，采用事件研究法，分析了金融创新事件信息披露对上市银行股价的影响。从实证的结果来看，目前我国股票市场能够对金融创新信息的披露做出了显著的正反应。证券市场的反应时及时的甚至是超前的，并且在信息披露之前，正的异常收益已经出现，显然金融创新的信息已经被提前泄露了。

The innovation of this paper is that we choose 16 commercial Banks disclosure of financial innovation events as research samples, do research about the reaction of the financial innovation disclosure to reach a conclusion for relevant investors and government as reference. Through analyzing the daily and accumulative abnormal return ratio before and after release of financial innovation, we analyze the market effect of financial innovation.