中文摘要：

发布澄清公告是上市公司应对市场传闻的重要途径.然而,证券市场中澄清公告的实际效果如何,以及哪些因素会影响澄清效果尚未得到实证检验.为此,收集了从2000年到2008年中国A股市场1 960个澄清公告,从中整理出179个针对负面传闻进行＂澄清＂的样本.研究发现,澄清公告效果一定程度上依赖于公司的澄清方式,模糊澄清非但达不到效果,而且进一步加剧了传闻的影响,产生＂澄清公告澄不清＂的现象.多元回归模型的结果显示,澄清效果不仅与澄清方式有显著关系,而且还受到公司声誉、停牌等因素的影响.研究结论为传闻心理学实验研究的发现提供了中国证券市场的直接证据,同时也为上市公司有效应对传闻提供了新思路.

英文摘要：

Denial announcements are often used by public companies to rebut rumors. However, no empirical studies have been conducted to show how effective denial announcements are and what factors could affect the denial effectiveness. The research collects 1960 clarification announcements in Chinese stock market. Among them 179 denial announcements against false negative rumors were screened out. The paper has the following findings： the effectiveness of denial is significantly associated with denial styles. Weak denials are associated with negative effectiveness, and result in a phenomenon so called ＇ clarification announcements make nothing clear＇ , but strong denials are relatively much more efficient. In addition, we find that the effectiveness of denial is also related to companies＇ reputation and trading suspension. The research provides evidence in Chinese stock market to support rumor psychology findings. In the mean time, it also provides a new idea for public companies to combat with rumors.