Stock Research On Differences In Public Reprimand

Securities regulation and regulatory effectiveness of the system is an important part of the normal operation of the securities market, one of which publicly condemned the system as the Stock Exchange, the more severe level of regulatory measures, it can play a good role, is very worthy of study.In this paper, the study based on the following considerations, select H shares and A shares of listed companies were compared:(1) built in 1914 in Hong Kong Stock Exchange advanced Western countries not only inherited the concept of securities regulation, and traditional Chinese blending, so that the A shares and H-share listed companies in the integration of culture with nature. (2) Shanghai and Shenzhen Stock Exchange and the Hong Kong Stock Exchange, including in value despite the high correlation, but they face different effective market, the regulatory philosophy, regulatory measures have substantially different, as can learn from the Hong Kong Stock Exchange regulatory experience, improve the regulatory system in Shanghai and Shenzhen exchanges. (3) By comparison, we should further analyze these two types of listed company after being publicly condemned the root causes of the different effects of the Shanghai and Shenzhen Stock Exchange itself is the lack of institutional control, or by social and economic development level of objective constraints. Based on the above three points, the effectiveness of this theory of capital markets and securities regulation on the efficiency of capital market theory, the use of 2007-2009 A shares subject to public reprimand, and H-share listed company's financial statements and related information, the use of event public censure of method 5 days before and after the stock price volatility has been studied, systematic and comprehensive analysis of data showed that the Shanghai and Shenzhen Stock Exchange and the Hong Kong Stock Exchange's public condemnation of the system on the A shares and H-share listed companies have played a certain amount of control role, but the A-share listed companies in the public reprimand on the stock over the average return rate of only -0.01%, while the H-share listed companies in the public reprimand average excess returns after the stock level of 0.05 was significantly less than zero (-2.83%) Therefore, the Hong Kong Stock Exchange's public condemnation of the system was better than the effect produced by the Shanghai and Shenzhen Stock Exchange; use case analysis of the A shares and H shares after the company's response to being condemned and the Board to study the structural changes that, H Listed companies in the public reprimand after being able to respond quickly and timely, while A-share listed companies in the public reprimand by the relatively slow after the reaction, not even to take any measures.Finally, on the A shares and H-share listed companies in the Stock Exchange before and after the comparative analysis of public reprimand, in-depth study in Shanghai and Shenzhen Stock Exchange was weaker than the effect of public condemnation of the reasons for the Stock Exchange of Hong Kong, Shanghai and Shenzhen Stock Exchange and thus on how to improve the validity of public reprimand in control observations.