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首先,以2002~2013年间被立案调查的上市公司为样本,并依据上市公司违规原因将研究样本进一步分为财务违规组和非财务违规组,研究财务违规立案公告对投资者行为的影响。结果表明,财务违规立案公告对投资者的交投活跃程度和出入市的愿望具有显著影响。而且,财务违规立案公告对投资者行为的影响显著强于非财务违规公告。其次,通过比较分析发现,立案公告对投资者行为影响的程度远远高于处罚公告。
Firstly, taking the listed companies surveyed from 2002 to 2013 as a sample, the research sample is further divided into financial irregularities group and non-financial irregularities group according to the causes of the listed company’s irregularities, so as to study the impact of financial irregularities on investors’ behavior. The results show that the announcement of financial irregularities has a significant impact on the level of investor activity and the desire to move in and out of the market. Moreover, the impact of financial irregularities on investor behavior was significantly stronger than that of non-financial irregularities. Secondly, through the comparative analysis, it is found that the extent to which the public notice of the filing affects the investor behavior is much higher than the punishment announcement.