汶川地震后上市公司捐赠公告的市场反应

The Market Reaction to Philanthropy Announcement Issued by Chinese Listed Companies after Wenchuan Earthquake

本文选取在5.12汶川大地震发生后的一个月内发布捐赠公告的106家上市公司作为研究样本,对捐赠信息公告是否具有市场反应这一问题进行了研究。结果表明:上市公司发布的捐赠公告能够产生显著的市场反应;其中,捐赠公告发布的及时性以及与公司盈利能力相适应的捐赠额是影响市场反应大小的主要因素;公司所处行业与市场反应的大小关系显著,但与现有研究结论不同的是,我国市场呈现非社会责任敏感行业内的上市公司发布捐赠公告后的市场反应更大的特征。

Using 5.12 Wenchuan Earthquake as the background, this paper analyses the capital market reaction to the philanthropy information disclosed by the listed companies during the period of 2008.5.12 - 2008. 6.12. The results indicate that the philanthropy announcement issued by the listed companies could bring about a significant market reaction in the stock market. The timeliness of information disclosure and donation amount are main factors that affect the extent of market reaction. The relationship between the market reaction and the company industry is significant, however, different from the other markets, the market reaction of the companies belonging to the non-sensitive industry in Chinese capital market is stronger than those belonging to the sensitive industry.