An Empirical Study On Capital Market Reaction During Disclosure Of Commercial Banks’Financial Innovation

As China’s financial reform deepening and the gradual opening of the financial industry, Financial innovation become commercial bank inevitable choice. Along with our country capital market development, the number of listed Banks gradually increase,it give us conditions to study the subject.The paper is consistes of the following part:Part1.Introduction,including the background information,reseach framework,content and method.Part2.Related literaturePart3.Theory analysis,about effectc caused by financial innovation.Part4.Description and analsis about current situation of financial innovation in domestic market.Part5.Empricial study.Through analyzing the daily and accumulative abnormal return ratio before and after release of financial innovation,we analyze the market effect of financial innovation.The paper reachs some conclusions as follows:Financial innovation will definitely lead a reaction in captial market.The study shows that the stock prices of listed banks react positive effects are significant statistically. And the reactions were earlier than the information disclisures to some extent,which means the pre-revealing of information exists.The innovation of this paper is that we choose16commercial Banks disclosure of financial innovation events as research samples,do research about the reaction of the financial innovation disclosure,to reach aconclusion for relevant investors and government as reference.