中文摘要：

发布澄清公告是上市公司应对市场传闻的主要途径。然而，在中国证券市场中，澄清公告却澄而不清，其原因在于某些因素会影响澄清公告的有效性。文章主要围绕信息内容（否认措辞）和信息来源（澄清企业的声誉与传闻媒体的权威性）两类影响因素进行探讨。研究发现，否认措辞将对澄清效果产生影响，并且两者的关系同时受到企业声誉和媒体权威性的调节作用，企业声誉越差，媒体权威性越高，否认措辞对澄清效果的影响越大。研究结论检验了心理学理论在证券市场中的有效性，拓展了金融市场领域的研究范畴，同时为上市公司应对市场传闻提供了新的思路。

英文摘要：

Clarification announcements are often used to rebut market rumors. However, clarification announcements make nothing clear in the Chinese stock market, which is caused by some factors. The paper carries out a study on two types of important factors. The results show that, the denial wording in clarification announcements can influence their effectiveness. Moreover, their relationship will be moderated simuhaneously by corporate reputation and media authority. When the corporate has bad reputation, or rumors are released from authoritative media, the denial wording shows stronger influence. The conclusions verify the effectiveness of psychology theories in stock market, and expand the scope of financial market research. In the mean time, the conclusions also provide new ideas for public companies to combat with rumors.