Impact of Promulgating Regulation Fair Disclosure on Stock Market——Evidence from China's Shenzhen Stock Market

Taking Shenzhen stock market as example,using data and mathematical model,the authors quantitatively analyze the impact of the enactment of regulation fair disclosure on Shenzhen main board market and Shenzhen SME board market respectively.The empirical results are:on the Shenzhen motherboard market,the promulgation of regulation fair disclosure is a result of the negative impact because the abnormal excess return is negative;on the Shenzhen SME board market,the promulgation of regulation fair disclosure had a positive impact because the abnormal excess return is positive.The different empirical results between main board market and SME board of are largely due to differences in the two markets,business groups,and the target service.