食品安全事件对相关上市公司的溢出效应研究——以酒鬼酒塑化剂风波为例

Spillover Effect of Food Safety Issues to Intra-Industry Listed Companies——A Case Study of Jiugui Liquor Plasticizer Incident

食品安全问题不仅损害消费者的身体健康,而且对同行业公司的发展带来严重影响。以酒鬼酒塑化剂风波为例,采用事件研究法分析食品安全事件对同行业上市公司带来的溢出效应。研究发现,酒鬼酒塑化剂风波对整个酿酒行业都带来了负收益,白酒板块受影响最大,葡萄酒次之,啤酒受影响最小。之后采用多元回归分析法考察溢出效应的决定因素,最后给出了上市公司如何采取措施来防范同行业负面信息给自身带来不利溢出效应的政策建议。

Food safety issues not only harm the health of consumers, but also bring serious influence on the development of companies in the same industry. This paper takes the Jiugui Liquor plasticizer incident as an example, using event study to analyze the spillover effect of food safety issues to the intra-industry listed companies. The study finds that Jiugui Liquor plasticizer incident has brought negative effect on the whole liquor-making industry： white spirits are the most affected, followed by red wines, while beers are affected the smallest. We use a multivariate regression analysis to investigate the determinants of spillover effects. At last, we propose the policy recommendations for enterprises measures to avoid being affected by spillover effects.