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本文研究结论表明,一方面,由失信惩戒公告的市场反应来看,交易所作出的失信惩戒公告信息含量不足,对公司股价影响不大;另一方面,从失信惩戒、诚信奖励的溢价能力来看,失信惩戒和诚信奖励的影响也极其有限。在这些结论的基础上,本文分析了诚信奖励、失信惩戒影响和溢价能力不足的原因,并提出了几点建议:(1)通过罚款来提高纪律处分的直接惩戒成本;(2)注重惩戒失信行为的及时性;(3)扩大通报批评与上市公司“日常业务”的衔接范围;(4)给予诚实守信的上市公司更多机会;(5)提高信息披露不合格(D类)公司所占比例。
The conclusion of this study shows that, on the one hand, the market reaction to the announcement of dishonest punishment shows that the information content of the announcement made by the Exchange is not enough, which has little effect on the stock price of the Company; on the other hand, from the premium ability of disciplinary punishment and honesty and rewards The effects of dishonesty and integrity rewards are also extremely limited. On the basis of these conclusions, this paper analyzes the reasons for the lack of honesty rewards, the impact of dishonest punishments and the insufficiency of premium ability, and puts forward some suggestions: (1) to raise the direct disciplinary costs of disciplinary sanctions through fines; (2) to pay attention to disciplinary dishonesty Timeliness of the behavior; (3) to expand the scope of the circular of criticism and listed companies “daily business ”; (4) to give more honest and trustworthy listed companies more opportunities; (5) to improve information disclosure failed The proportion.