中文摘要：

研究上市公司违规行为处罚信息的市场反应，是提高证券监管效率、增强证券市场有效性的重要途径。运用事件研究法对1994—2010年期间190个违规公司被处罚后所引起的市场反应进行实证检验发现，不同处罚公告发布以后所引起的市场反应有所不同，处罚程度越严重、处罚越及时，市场反应越强烈；处罚公司比处罚公司高管市场反应显著；证监会与交易所实施的处罚行为，所引起的市场反应没有显著差异。

英文摘要：

The research on the market reaction to the penalty information for listed companies＇ violations is an important academic approach to improve the efficiency of securities regulation and enhance the securities market effectiveness. This paper employs the methodology of event study to empirically test the market reac- tion to the punishment for 190 companies who had violated tained that market reactions caused by different levels of the securities rules from 1994 to 2010. It is ob- penalty are differential. The more serious and prompt the punishment is, the stronger the market reactions are. Market reactions are notable while penali- zing companies rather than their senior executives. There is no significant difference in light of the punish- ment implemented by CSRC or Exchange. In spite of regulator＇ s penalties on companies＇ violations, eco- nomic losses by investors could not be compensated correspondingly. Consequently, the punishments could not act as a deterrent for listed companies to prevent potential violations. Therefore, the governance of listed companies in our country should be further strengthened, including an increase of efforts to protect inves- tors, and an improvement of the securities market＇ s effeciency continuously.