医药行业投资收益率与企业社会责任关系研究

Research on the Relationship between Investment Rate and Corporate Social Responsibility of Pharmaceutical Industry

利用长春长生疫苗事件作为外生冲击因素,研究投资者对医药行业上市公司的企业社会责任(CSR)的态度。根据研究结果,标准化平均累积超额收益率(CASAR)在事件窗口期间显著为正。根据多元线性回归分析,CSR和CASAR呈显著负相关;将事件窗口分为事发前与事发后,在事发之前没有显著的关系,在事件发生日之后存在显著的负相关关系。该研究同时提出了相关建议。第一,政府和监管者应该发布适当的政策,以改善各公司的企业社会责任活动,特别是在医药行业。第二,政府监督作为市场经济中的“守夜人”的作用也是必要和有效的。

In this paper,changchun changsheng vaccine event was used as an exogenous impact factor to study the investors'attitude towards corporate social responsibility(CSR)of listed companies in the pharmaceutical industry.According to the results of the study,the standardized mean cumulative excess return(CASAR)was significantly positive during the event window.According to multiple linear regression analysis,there was a significant negative correlation between CSR and CASAR.The event window is divided into pre-event and post-event,and there is no significant relationship before the event,but there is a significant negative correlation after the event.The study also made recommendations.First,governments and regulators should issue appropriate policies to improve corporate social responsibility activities,especially in the pharmaceutical sector.Second,government supervision is necessary and effective as the“night watchman”in the market economy.