基于事件研究法的食品药品召回冲击及其影响因素分析

The Impact of Food and Drug Recall and Influence Factors Based on Event Study

本文采用事件研究法估计食品药品召回对上市公司的影响,并进一步对累计超额收益率的影响因素进行分析。研究结果显示,我国食品药品召回事件对上市公司收益率的影响较为持久,召回规模、媒体报道和交易量等因素均显著影响累计超额收益率,其中召回经历和群体召回的影响分别体现为刻板效应和转移效应。本文对召回影响的探索为食品药品安全监管成本分析拓展新的视角,而对召回经历和群体召回的效应分析也有助于探索我国食品药品监管的特殊性,从而为监管提供借鉴。

This paper uses the event studymethod toevaluate the impact of food and drug recall and analyze the influen- cing factors of CAAR. It is found that food and drug recall has a lasting effect on the return of companies. The characteristics of recall and enterprise such as the scale of recall, media coverage and trading volume affect CAAR significantly. The effect of recall experience is realized as stereotype effect while the effect of collective recall is realized as transfer effect. This research can provide information to enterprises about product quality control, and also offer reference to regulatory agencies.