以上市公司非首发保荐人变更信息披露市场敏感性反应作为研究对象，通过理论和实证分析来研究非首发保荐人变更信息披露的市场敏感性反应。研究发现，其窗口期平均累积超常收益率都为负，非首发保荐人变更信息披露引起负的市场敏感性反应；保荐人变更信息披露市场敏感性反应和证券市场类别、上市公司的风险性、收益性、成长性有关系，但不显著。同时还发现保荐人变更信息披露前存在信息泄露，信息披露日前的平均累积超常收益率都为负，说明保荐人变更信息在信息披露前就有了不同程度的泄露，内幕消息让一些投资者提前做出了反应。%This paper took the market reaction sensitivity from the changing information disclose of non-starter sponsor of listed companies as a research object to make the related study from the theory and empirical analysis. According to the result, the author found out that the average cumulative abnor-mal return was negative during the window period, and the changing information disclose of non-starter sponsor was causing the negative market reaction sensitivity. The market reaction sensitivity from the changing information disclose of non-starter sponsor was related with stock market category and the risk, profitability, growth of listed companies which was non-significant. Meanwhile, the author found out that there was existing the information leaks before the changing information disclose of sponsor. The negative average cumulative abnormal return before the changing information disclose of sponsor showed out that the varying degrees of information leakage made some investors react advance.
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