本文采用事件分析法,以发布并购信息的上市公司为样本,通过实证分析并购信息披露日前后股票价格、交易量的变化情况,来检验我国发生并购行为的上市公司在披露日前是否存在并购信息泄露的问题;并在分析中国证券市场中并购信息披露不公平现状的基础上,提出了改善此种现状的政策建议。 This paper adopts the event analysis method to sample listed companies that publish M&A information, and empirically analyzes the changes in stock prices and trading volume before and after the M&A information disclosure date to test whether listed companies with mergers and acquisitions in China have disclosure of M&A information before the disclosure date. The issue, and based on an analysis of the unfair status of M&A information disclosure in China’s securities market, puts forward policy recommendations to improve this status quo.