食品安全事件对非事发企业资本市场价值的影响

发布时间：2018-01-11 22:25

本文关键词：食品安全事件对非事发企业资本市场价值的影响　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着国民安全意识的提升和Web2.0时代的到来，社会化媒体的兴盛使得信息传递时间大大缩短，信息覆盖广度也大大增加。各类产品安全问题的曝光越来越受到民众的高度关注，食品作为人们生活中的必需品，其安全问题更是受到广泛关注。自2004年来，国内爆发的诸多食品安全危机为食品企业敲响了醒钟，企业在追取自身利益最大化的同时也应当履行提供安全食品的基本责任。食品安全事件的频发所造成的影响并不局限于事发企业本身，同时危机亦会波及同行业非事发企业甚至是相关行业。作为本文的创新点之一，，本文从众多食品安全事件出发，探究行业其他非事发企业资本市场价值所遭受的影响。本文进行的研究主要站在企业角度，分析食品行业某企业产品安全事件对于非事发企业资本市场价值的影响。建立了产品安全事件对于非事发上市食品企业股票价格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，我国食品行业的安全事件会使非事发上市企业的股价发生波动，投资者会产生负向预期，股票价格会下跌。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下降幅度差异存在的影响因素。该部分实证结果首先证明企业广告支出会导致股价下跌幅度的改变，广告支出越占营业收入比例越高的企业会有削弱负面信息的影响，股票价格短期下跌较其他企业低。另外，本文还选择相关企业管理经营策略和企业固有性质如：企业捐赠支出、企业员工受高等教育人数比例和企业主营业务收入作为考虑因素，研究结果没有证实企业员工受高等教育人数比例会对事件下非事发企业的股价波动造成显著影响，但是企业捐赠支出被证实了会削弱负面事件下非事发企业股价的短期下跌效应。
[Abstract]:With the promotion of national security awareness and the arrival of the Web2.0 era, the prosperity of social media has greatly shortened the time of information transmission. The range of information coverage has also increased greatly. The exposure of various product safety issues has attracted more and more attention of the public. Food is regarded as a necessity in people's life. Since 2004, many food safety crises in China have sounded the wake-up call for food enterprises. Enterprises should also fulfill their basic responsibility of providing safe food while maximizing their own interests. The impact of frequent food safety incidents is not limited to the enterprises themselves, but also the crisis will affect the same industry non-incident enterprises or even related industries. As one of the innovative points of this paper. Based on many food safety events, this paper explores the impact on the capital market value of other non-incident enterprises in the industry. The research in this paper is mainly from the perspective of enterprises. This paper analyzes the impact of product safety events on the capital market value of non-incident enterprises in the food industry, and establishes a model of the relationship between product safety incidents and the short-term fluctuations of stock prices of non-listed food 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 chosen is the abnormal return rate of stock price. The results of empirical analysis confirm that the safety events of food industry in China will make the stock price of non-listed enterprises fluctuate and investors will produce negative expectations. Stock prices will fall. 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 examine the factors that influence the difference of stock price decline within the food industry. This part of empirical results first prove that corporate advertising expenditure will lead to the change of stock price decline. The higher the proportion of advertising to operating income, the lower the negative information will be, and the lower the stock price will be compared with other companies. This article also selects the related enterprise management management strategy and the enterprise inherent nature such as: the enterprise donates the expense, the enterprise employee receives the higher education proportion and the enterprise main business income as the consideration factor. The results of the study do not confirm that the proportion of employees in higher education will have a significant impact on the volatility of the stock price of the non-incident enterprises under the event. But corporate endowment spending has been shown to weaken the short-term effect of negative events on corporate stock prices.
【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】：2013
【分类号】：F203;F275;F832.51

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