摘 要
信息披露违规行为作为企业治理中的重要问题，对资本市场运行效率和投资者信心具有深远影响。本研究以信息披露违规为切入点，探讨其对企业声誉及股价的动态影响机制。研究基于中国A股市场2010年至2022年间发生信息披露违规事件的企业样本，采用事件研究法与多元回归分析相结合的方法，量化评估违规行为对短期股价波动及长期企业声誉的影响。结果表明，信息披露违规事件发生后，企业股价在短期内显著下跌，且跌幅与违规严重程度、媒体关注度及投资者保护水平密切相关；从长期来看，违规行为会削弱企业的品牌价值和社会信任度，进而导致市值折损和融资成本上升。此外，研究发现不同类型的违规行为（如财务造假与非财务信息遗漏）对市场反应的影响存在显著差异，且国有企业相较于民营企业表现出更强的抗风险能力。
关键词：信息披露违规 企业声誉 股价影响
Abstract
As an important issue in corporate governance, information disclosure violations have a far-reaching impact on the operation efficiency of the capital market and investor confidence. This study takes information disclosure violation to explore its dynamic influence mechanism on corporate reputation and stock price. Based on the sample of enterprises with information disclosure violations in China's A-share market from 2010 to 2022, the study adopts the combination of event research method and multivariate regression analysis to quantitatively evaluate the impact of violations on short-term stock price fluctuations and long-term corporate reputation. The results show that after the occurrence of information disclosure violation, the stock price of the enterprise falls significantly in the short term, and the decline is closely related to the severity of the violation, media attention and investor protection level; in the long term, the violation will weaken the brand value and social trust of the enterprise, leading to market value loss and rising financing cost. In addition, the study found that different types of violations (such as financial fraud and non-financial information omission) had significant differences in the impact on market response, and state-owned enterprises showed stronger risk resistance than private enterprises.
Keyword:Information Disclosure Violation Corporate Reputation Stock Price Impact
目 录
引言 1
1信息披露违规行为的界定与分类 1
1.1信息披露违规的概念界定 1
1.2信息披露违规的主要类型 2
1.3违规行为的法律与监管框架 2
1.4研究对象的选择与特征分析 3
2信息披露违规对企业声誉的影响机制 3
2.1声誉的定义与衡量方法 3
2.2违规行为对声誉的直接冲击 4
2.3媒体传播在声誉损害中的作用 4
2.4利益相关者的反应与信任修复 4
3信息披露违规对股价波动的影响路径 5
3.1股价波动的理论基础与研究框架 5
3.2违规事件引发的市场反应分析 5
3.3投资者情绪与股价波动的关系 6
3.4长短期股价影响的对比研究 6
4企业应对信息披露违规的策略与效果评估 7
4.1违规后的危机管理措施 7
4.2声誉修复的具体实践与案例分析 7
4.3监管处罚对企业行为的引导作用 8
4.4预防机制的构建与实施路径 8
结论 8
参考文献 10
致谢 11
