【摘要】 以173家深圳A股上市公司为样本,运用事件研究法和多元回归分析模型,检验了自愿性信息披露的短期价值效应。研究发现:2005年和2006年自愿性信息披露"高组合"的平均累计超额收益率显著高于"低组合",而2007年"高组合"的平均累计超额收益率与"低组合"无显著差异。自愿性信息披露的回归系数显著为正,说明自愿性信息披露具有一定的信息含量,能够对投资者的投资行为产生影响。验证了自愿性披露的短期价值效应。更多还原

【Abstract】 By selecting 173 listed companies in Shenzhen Stock Exchange as research samples,we use event study and regression model to test the short-run share price value effect of the voluntary disclosure.The results show that in 2005 and 2006 the CAAR_H is obviously bigger than that of the CAAR_L,but in 2007 the difference is not so obvious.There is a positive relationship between independent directors and voluntary disclosure,this means that voluntary disclosure has some information content and it could affect the investor’s behaviors.This proves the short-run share price value effect of the voluntary disclosure.更多还原