媒体报道、澄清公告与上市公司股价

Notice of Clarification,Media Coverage and the Stock Price of Listed Company

基于214家上市公司2013年1月至2015年5月的数据,利用事件研究法和回归分析方法,探索上市公司按规定发布澄清公告是否有效果,并对澄清公告、媒体报道与股价间的关系进行研究。结果发现:许多公司未按照规定澄清;市场对利好性质的传闻、否定态度的公告更关注;在否定利好传闻的公告中,内容规范的澄清公告澄清效果更好;在否定利空传闻的公告中,字数多的澄清公告澄清效果更好;同时肯定了媒体对企业澄清的监督作用及稳定股价的作用。

With the data from 214 listed companies from January 2013 to May 2015,this paper discusses whether the standardized content of notice of clarification is more effective and examines the relationship between media coverage,notice of clarification and their influence on the stock market with the method of event study and regression analysis.The paper finds that many companies did not clarify in accordance with regulations.Investors pay more attention to bull news and notices of clarification with negative attitudes.As for bull news,standardized contents of notices of clarification with negative attitudes can be more effective.It is beneficial to write more words in the notice of clarification with a negative attitude.Moreover,this paper recognizes media coverage's supervisory role in clarification and discusses the impact of media coverage on stock prices in this process.