Based On Behavioral Finance Perspective Earnings Announcement Effect - Shenzhen A-share Market Empirical Research

The paper combined the research route of market anomalies with the investment strategy of behavioral finance, starting from the research of market anomalies, speculated about the behavior characters of investors behind the anomalies, put forward and tested the explanations of behavior finance on Chinese surplus proclamation effects, so as to provide the technological support for the investors' decision about investment.In technical line, the paper first summarized the related theories of behavioral finance, as well as the hot research points and development limitations in the field of banking. Then, the paper did empirical research on Chinese surplus proclamation effect, respectively with the simple model and time series model, compared the data result in Chinese stock market with foreign research result. If market anomalies exactly exist, then the non-semi-strong- efficient of Chinese stock market can be judged, and the market efficiency theory will be challenged. Finally, the paper tried to combine the two explanations in banking about surplus proclamation effect, and studied the causes of surplus proclamation effect through banking theories on the base of previous empirical result, speculated the reaction process of Chinese investors before and after the surplus proclamation, thus to give some constructive advices for Chinese investors, with the help of surplus proclamation data, to obtain extra profits and strategies for market operation.