| Recent years have seen the development of information disclosure system supervision,and meanwhile a growing number of companies choose to bring out the routine operational information.However,the literature pulished focus mostly on the financial operations or the one-time annoucement,which means that the event will probably not have the follow-up.The topics worth discussing about the announcement effect of routine operational information include the significance,the direction and the influence factors,if significant,etc.Based on 211 progress information announcement samples of A-share companies within 2015-2017,the thsis discussed the announcement progress information had on stock.The thesis gave the definition of information progress and divided the information into two types,naming “contract establishing” and “contract progressing”,due to the time whether the annoucement is published before or after signing a real contract.With the past literatures and behavior financial theories,the study brought out 9 hypothses about the overall affect,content and company-related factor.By utilizing the event study methodology to describe the announcement effect,this paper tested the hypothese with the help of test statistics and multivariate regression analysis.It turned out that the operational progress informaton has a significant negative effect on stocks,and the contract progressing type appeared to be weaker.However,if the content posed an enhancement effect on the basis of original information,or the company is mainboard listed,it will promote the contract progressing type.Besides,the profitablity has a siginificant relationship with the stock appearance,while adding the number of events or publishing the progress information several times won't help much. |
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