中文摘要：

上市公司信息披露失信行为对股东财富、股票系统性风险以及股票市场波动等都有一定影响。从这三个方面进行研究，定量性评估上市公司信息披露失信行为的经济后果，则能为市场监管与处罚提供依据。研究结果表明，上市公司信息披露失信行为在被揭露的时窗内平均使股东财富损失2．35％，价值平均500多万元；股票的系统性风险也因为上市公司的失信行为而被显著性放大；股票市场的整体波动则随着失信案例的增多而加剧。

英文摘要：

The dishonest behavior information disclosure by listed companies affects the shareholders＇ wealth, stock systematic risks and fluctuation of stock market. From the above three aspects, the economic consequences caused by the dishonest behavior of listed companies on the basis of quantitative assessment provide a foundation of market supervision and punishment. The research indicates such dis-honest behavior, when disclosed, causes 2.35 per cent loss of shareholders＇ wealth at the announcement window on average, approxi-mately worth over V5 million. Stock systematic risks will be increased on account of such dishonest behavior. Thus the overall fluctuation of stock market will be worsening with the increase of dishonest cases exposure to the public.