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发布澄清公告是上市公司应对市场传闻的重要途径。澄清公告能否有效应对市场传闻呢?本文针对这一主题展开研究,并进一步探讨了如何提高澄清效力。结论表明,有效市场假说在传闻澄清问题上没有得到支持,投资者对澄清公告反应不足。研究还发现,内容详细的澄清公告有助于消除传闻影响,股价在公告后30日内得以恢复;内容简略的澄清公告则可能造成无法挽回的后果,公告后60日内股价下跌幅度依然保持在4%的水平。本文研究是对行为金融理论的拓展,其结论一方面提示企业面对市场传闻应进行详细澄清,另一方面也为投资者提供了获得超额利润的投资策略。
Issuing a clarification announcement is an important way for listed companies to respond to market rumors. Clarify whether the announcement can effectively deal with market rumors? This article studies the subject and further explores how to improve the effectiveness of clarification. The conclusion shows that the effective market hypothesis did not receive support for the rumor clarification issue, and investors did not respond to the clarification announcement. The study also found that a detailed clarification of the announcement will help to eliminate the rumor that the share price will recover within 30 days after the announcement. The short notice of the clarification may cause irreparable consequences. After the announcement, the share price decline will remain at 4% s level. This study is to expand the theory of behavioral finance, the conclusion on the one hand prompts enterprises to face market rumors should be detailed clarification, on the other hand also provides investors with access to excess profits investment strategy.