中文摘要：

发布澄清公告是上市公司应对市场传闻的重要方式。澄清公告效果会受到多种因素影响,本文探讨了澄清措辞和市场环境对澄清效果的作用机制。根据认知心理学的观点,在不同的市场环境中,投资者对澄清公告的信息加工模式是不同的,熊市的投资者对公告信息的利用更充分,澄清措辞的影响更大。然而,本研究得到了相反的结论：在牛市中,澄清措辞越强硬,澄清公告效果越好;在熊市中,它们的关系并不显著。该结论揭示了证券市场中信息决策过程的特殊性。本研究是对心理学理论在证券市场中的检验与拓展,同时提示上市公司在牛市中要特别注意澄清公告的表述方式。

英文摘要：

Clarification announcements are often used to rebut market rumors.Psychological research shows that the effectiveness of denial is influenced by many factors.This paper tests the impact of clarification wording on the effectiveness of denial and the role of different market conditions.According to the cognitive psychology,investors adopt different information processing modes in different market conditions,and they exploit information more adequately in bear market,thereby clarification wording will have a greater impact.However,opposite findings are drawn in this research： in bull market,the stronger of clarification wording,the better of the effectiveness of denial,while in bear market,their relationship is not significance.The findings imply the particularity of the information decision-making process in real stock market.This study is a test and development of cognitive psychology theory in stock market,meanwhile the conclusions imply that public companies should emphasize specially clarification wording in bull market.