灾害事件后管理层回应方式对股票收益影响的实证研究——以5.12汶川地震为例

Impacts of Management Responding Ways on Stock Returns after Disasters:Taking 5.12 Wenchuan Earthquake as an Example

灾害事件发生后,不同公司的管理层往往表现出不同的回应方式,有的承认灾害的影响并积极应对,有的则否认影响或消极逃避。因此,管理层的回应方式可分为接受型和防御型两种。以5.12地震为例,对灾害事件发生后上市公司管理层的回应方式与股票收益的关系进行研究。结果表明,灾害事件后管理层回应方式对股票收益有显著影响,与接受型相比,投资者对防御型回应的反应更积极,且首次公告时回应方式对股票收益的影响显著强于非首次公告。

After disasters, managers from different companies always react differently, some admit the influence and take positive actions, while others deny the influence and perform passively. Management responding ways can be distinguished into two kinds： accommodative and defensive. This paper studies the relationship between the ways how the managers publicly respond to the disasters and the stock returns. Based on the public announcements of listed companies, the results show that investors＇ reactions have sig- nificant differences under the two responding ways and investors react more positively to defensive responding way than to accommodative way. Moreover, the management responding ways in the first announcement influence the stock returns more than other announcements.