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在新兴的创业板市场中,是否在年报公布前存在内幕消息泄露,公布当日公告效应是否显著,这种效果在之后又是否存在延续,对于创业板投资有着重要的意义。本文以我国09至10年间深证创业板上市的整理过后的80家公司为样本,以年报公告日当天与前后各5天的收盘价为观察对象,运用事件分析法对投资者关注的送转、派现方案的公告效应进行了实证研究。研究发现:公告存在泄漏的现象、公告效应可延续、较好分配方案消息组公告效果更加明显。
In the emerging GEM market, whether there is any leakage of inside information before the announcement of the annual report and whether the announcement effect on the announced day is significant or not, and whether this effect continues afterwards and is of great significance to the GEM investment. This article takes the 80 companies after the listing of the Shenzhen Stock Exchange in the period of 09 to 10 years as a sample, takes the closing price on the announcement day of the annual report and the previous 5 days as the observation object, and uses the event analysis method to send the investors’ attention , The announcement of the effect of the program conducted an empirical study. The study found that there was a leakage in the announcement, the announcement effect could be extended, and the announcement of the better distribution of the program message group was more effective.