公开谴责是沪深交易所自律管理中纪律处分措施的一种,在其有效性问题上一直存在不同看法。本文首先对这一市场执法的作用机制进行了研究,即“声誉制裁一声誉损失一威慑效果”。在此基础上,我们认为,执法概率和声誉损失是决定公开谴责有效性的关键因素。通过对上海市场2006—2011年公开谴责实践的梳理,本文对上海市场公开谴责的执法概率、执法力度进行了分析。通过实证方法的检验,本文研究了公开谴责对上市公司产生的声誉损失,包括对上市公司价值、后续融资难度、相关责任人职业声誉的影响。最后,根据对公开谴责有效性的分析,结合当前资本市场改革创新和监管体制内部调整的大背景,本文提出了完善公开谴责制度的几个方向。 Public condemnation is a kind of disciplinary measure in the self-management of the Shanghai and Shenzhen Stock Exchanges. There have been different opinions on the validity of the measures. This paper first studies the mechanism of law enforcement in this market, that is, “reputation sanctions a reputation loss a deterrent effect.” On this basis, we believe that the probability of law enforcement and the loss of reputation are the key determinants of public censure of effectiveness. Through the combing of public condemnation practice in Shanghai market from 2006 to 2011, this article analyzes the law enforcement probability and law enforcement of public censure in Shanghai market. Through the test of empirical method, this paper studies the impact of publicly condemning the reputation losses on listed companies, including the value of listed companies, the difficulty of subsequent financing and the occupational reputation of relevant responsible persons. Finally, based on the analysis of the validity of public censure and the background of the current internal reform of capital market reform and supervision system, this paper proposes several directions for improving public censure system.