中国上市银行法律风险案件披露的市场反应

Market Reactions to the Disclosure of Legal Risk Cases of Chinese Listed Banks

本文以2000～2010年公开披露的中国上市商业银行法律诉讼案件为样本,分析了我国上市商业银行法律诉讼案件信息披露对上市银行股价造成的影响。研究发现,法律风险事件的披露对上市银行股价产生了显著的负影响,且市值损失巨大,同时证券市场的反应存在一定的"超前性",这说明存在消息的提前泄露。无论银行在法律诉讼中是充当原告还是被告,股价变动的负面影响都是显著的。降低法律风险对商业银行造成的损失,一方面有赖于相关法律法规的进一步完善;另一方面银行自身应开发管理法律风险的技术和方法,并建立完善的内控机制。

On the basis of lawsuit cases of Chinese listed banks disclosed from 2000 to 2010,this paper analyses the influence of disclosure of lawsuit case information on share prices of the banks.The result shows that the disclosure of lawsuit cases has a significantly negative impact on share prices of the banks and the loss of market value is huge.The market reactions were earlier than the information disclosures to some extent,which means the pre-revealing of information exists.No matter the role of banks is plaintiff or defendant,the negative impact on share prices is significant.To decrease the loss of commercial banks suffering from legal risk,relevant law and regulation need to be improved,and commercial banks should develop the necessary techniques and approaches and improve internal control as well.