食品行业产品信息披露对企业资本市场价值影响

发布时间：2018-01-08 10:06

本文关键词：食品行业产品信息披露对企业资本市场价值影响　出处：《哈尔滨工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：食品行业内大多数企业仍处于成长建设时期，策略制定标准更集中于关注自身的经济效益，相应的会忽视自身的道德诚信建设。由于市场交易中产品信息不对称，消费者处于信息劣势地位，无法进行合理有效的消费选择。这些因素导致近几年屡次发生危害消费者生命健康安全的案例，食品安全问题引起社会各界广泛关注。针对这种情况，我国卫生部分别在2011年4月20日和10月12日公布了《预包装食品标签通则》和《预包装食品营养标签通则》，统一并提高了食品产品信息披露的标准。产品信息披露标准的提高必定会对行业和企业的经营发展带来复杂的影响。本文进行的研究主要站在企业角度，分析食品产品信息披露标准提升对企业股票价格的影响。建立了产品信息披露程度提高与上市企业股价短期波动的关系模型，利用我国食品上市企业数据进行实证研究。模型的实证检验主要采用事件研究方法，，分析股价的波动方向和时间区间，选择的主要研究变量为企业股价异常收益率。实证分析的结果证实，我国食品上市企业在提高产品信息披露法规发布后，产品信息披露程度提高改变投资者预期，股价短期内确实会发生波动，并且方向为正向，即股票价格会上升。在证实股价短期上升的结果基础上，本文建立了短期股价波动幅度的影响因素模型，用于检验食品行业内部各个企业股价上升幅度差异存在的影响因素。该部分实证结果首先证明企业经营业绩会导致股价上升幅度的差异，经营业绩越好营业收入越高的企业会有更大程度的股价上升。另外，本文还选择企业管理经营策略制定时考虑的营销宣传、公益捐赠和创新研发相关投入作为考虑因素，研究结果除了没有证实用于营销宣传的广告支出对事件发生时股价的波动有显著影响外，企业用于公益捐赠和研发方面的投入都被证实了会对产品信息披露引起的股票价格短期上扬产生积极的正向影响。
[Abstract]:Most of the enterprises in the food industry are still in the period of growth and construction, and the strategy formulation standard is more focused on their own economic benefits. Because of the asymmetry of product information in the market transaction, consumers are in the inferior position of information. It is impossible to make reasonable and effective consumption choices. These factors have led to repeated cases of endangering consumers' health and safety in recent years. Food safety has caused widespread concern from all walks of life. In view of this situation. In April 20th 2011 and October 12th, the Ministry of Health of China published the General principles of labelling of prepackaged Food and the General principles of Nutrition labelling of Prepackaged Food. The standard of food product information disclosure has been unified and raised. The improvement of product information disclosure standard will bring complex influence to the development of industry and enterprise. The research in this paper is mainly from the perspective of enterprises. This paper analyzes the influence of the improvement of food product information disclosure standard on the stock price of enterprises and establishes the relationship model between the improvement of product information disclosure degree and the short-term fluctuation of stock price of listed enterprises. Empirical research is carried out by using the data of food listed enterprises in China. The empirical test of the model mainly uses the event research method to analyze the fluctuation direction and time interval of stock price. The main research variable selected is the abnormal rate of return on stock price. The results of empirical analysis confirm that the food listed enterprises in China improve the disclosure of product information after the promulgation of laws. Higher disclosure of product information changes investors' expectations that stock prices do fluctuate in the short term and move in a positive direction, meaning that stock prices will rise. On the basis of confirming the results of short-term stock price rise, this paper establishes the model of influencing factors of short-term stock price volatility. It is used to test the influencing factors of the difference in the price rise of each enterprise in the food industry. This part of empirical results first proves that the operating performance of the enterprise will lead to the difference in the rise of the share price. The better the business performance, the higher the business income will be a greater degree of stock price rise. In addition, this paper also choose the business management strategy to consider the marketing publicity. Public donations and innovation and R & D related investment as a consideration, the results of the study did not prove that advertising spending for marketing campaigns had a significant impact on the volatility of the stock price at the time of the event. Corporate spending on public donations and R & D has been shown to have a positive positive impact on short-term increases in stock prices caused by product disclosure.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F426.82

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