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发布澄清公告是上市公司应对市场传闻的重要方式。澄清公告效果会受到多种因素影响,本文探讨了澄清措辞和市场环境对澄清效果的作用机制。根据认知心理学的观点,在不同的市场环境中,投资者对澄清公告的信息加工模式是不同的,熊市的投资者对公告信息的利用更充分,澄清措辞的影响更大。然而,本研究得到了相反的结论:在牛市中,澄清措辞越强硬,澄清公告效果越好;在熊市中,它们的关系并不显著。该结论揭示了证券市场中信息决策过程的特殊性。本研究是对心理学理论在证券市场中的检验与拓展,同时提示上市公司在牛市中要特别注意澄清公告的表述方式。
Issuing a clarification announcement is an important way for listed companies to respond to market rumors. Clarification of the effect of the announcement will be influenced by a number of factors. This article explores the mechanism by which clarification of wording and the market environment may be effective in clarifying the effect. According to the cognitive psychology point of view, in different market environments, investors have different information processing models for clarification of announcements, while bear market investors have made more use of the announcement information and have a greater influence on clarifying wording. However, this study reached the opposite conclusion: in a bull market, the stronger the wording of the clarification, the better the clarification of the announcement; and in the bear market, their relationship is not significant. This conclusion reveals the particularity of the information decision-making process in the securities market. This study examines and expands the theory of psychology in the securities market, and at the same time suggests that listed companies should pay special attention to clarifying the way of announcement in the bull market.