一损俱损:食品安全、企业的社会责任及市场反应——以“塑化剂”事件为例

A Loss for All: Food Safety,Corporate Social Responsibility and Market Response:An Event Study of Plasticizer

本文以酒鬼酒"塑化剂"事件为案例,运用事件研究和双重差分的方法,研究该食品安全事件对酒鬼酒及白酒行业带来的影响。结果表明:事件日后20天内酒鬼酒的累计异常收益平均下降了30%,证券市场发挥了"用脚投票"的功能,对肇事企业起到惩罚作用;此外,酒鬼酒"塑化剂"事件对整个白酒行业带来的"传染效应"大于"竞争效应",平均意义上"塑化剂"事件使得白酒类企业的累计异常收益下降了6%,说明食品安全问题会带来一损俱损现象。

With Plasticizer event of JiuGui Liquor as a case , this paper studies the impact of food safety incident on Ji-uGui Liquor Corporation and liquor-making industry .Using the event study and difference in difference , research results show that the cumulative abnormal returns of the incident enterprise decreased 30%within 20 days of event , therefore capital mar-kets “votes with their feet” and inflict punishment on the incident enterpriser .Furthermore, the“contagious spillover effect”on liquor-making industry , which originated from the event of plasticizer , is greater than the “competitive spillover effects”. On average, the cumulative abnormal returns of liquor companies declined 6% because of the “plasticizer” event, which proves that food safety issues will bring a loss for all .