Listed Companies To Publish False Information On The Value Of The Company Affect The Empirical Analysis

There are frequent reports on listed companies disclosing false information in the security market of our country. The thesis makes research on the influence of the false information published by listed companies on companies' value to test and verify what kind of advantage the listed companies can gain from disclosing false information and whether the disclosing can really bring values to companies. On the other hand, the thesis also reveals the extent to which the false information can damage the security market and, especially, the medium and small shareholders. The thesis uses event study method to make an empirical analysis on listed companies punished by Chinese Security Regulatory Commission (CSRC) for the disclosing of false information and a conclusion is drawn that whether before or after the false information is exposed, the market has positive and negative effects on the events and Cumulative Abnormal Returns( CAR) can be positive and negative. Some stock price goes down while some goes the other way. But on the whole, the negative effects are prominent which result in the reduction of the stock price and the company value; before the exposition, the listed companies have already reaped a lot from the market. The thesis aims to provide some reference for further improving and perfecting the regulations on security market, enhancing the efficiency of regulations and strengthening the regulations.The structure of the thesis is :The thesis begins with a prelude, which introduces the amis, significance and some related concepts.The first part presents some studies on this topic home and abroad.The second part is about the studying method-event study, which focuses on the concepts and models related to event study.The third part describes the data and samples. Those listed companies who have been punished by CSRC for the exposing of false information have been chosen as samples. The choice of all these samples conforms to the standards required by event study method.The fourth part analyzes the empirical results.The fifth part is consisted of conclusion and suggestions.