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本文以2007～2009年中国证券市场公司澄清公告的相关数据为样本,通过事件研究方法,试图回答以下问题:面对不同类型的质询事件,具有不同治理特征的公司,是否呈现不同的澄清行为方式?对于不同类型的质询事件以及公司不同的澄清行为方式,市场是否会给出不同的解读?上述市场反应,是否因公司治理特征的不同而有所改变?研究发现,公司的澄清行为方式受到所面临质询事件的类型及部分公司治理特征的影响;在控制质询事件类型及企业治理变量的情况下,澄清回应时间、澄清表述明确与否与澄清公告对公众质询对公司所造成的负面市场反应的矫正效果相关;在控制企业澄清行为方式及企业治理变量的情况下,不同质询事件类型仍然与澄清公告的矫正作用相关,这说明市场对可能不同程度影响公司价值的事件仍然存在不同程度的认知与反馈,这反映了市场对公司给出的澄清和解释的并不完全的采信。
This article takes the relevant data from the China Securities Market Corporation’s clarification announcement from 2007 to 2009 as a sample. Through incident research methods, it attempts to answer the following questions: In the face of different types of inquiries, companies with different governance characteristics have different clarification behaviors. • Will the market give different interpretations for different types of inquiries and different clarifications of the company’s behavior? Does the above market response change due to differences in corporate governance characteristics? The study found that the company’s clarification behavior is affected Faced with the type of challenge events and the impact of some corporate governance characteristics; in the case of controlling the types of incidents of the challenge and corporate governance variables, clarification of the response time, clarification of the clarity of the statements, and clarification of the negative public opinions of the announcement on the company caused negative market reactions to the company The effects of corrections are relevant; in the case of controlling corporate clarification behaviors and corporate governance variables, the types of different types of inquiries are still related to the corrective actions of clarification announcements, which indicates that the market still has different degrees of recognition of events that may affect the company’s value to varying degrees. Knowledge and feedback, this reflects the market for the company The clarifications and explanations given are not entirely acceptable.