强制性治理、自主性治理与三聚氰胺事件股价波动

Mandatory Governance, Voluntary Governance and the Stock Price Volatility of Melamine Event

摘要: 三聚氰胺事件之后政府采取了一系列监管措施，行业外部环境突变，本文以此为背景，采用事件研究法研究三聚氰胺事件后行业股价波动情况。研究发现“事件”后食品、饮料行业的股价大幅下挫，但自主性治理较好的公司在反应期和恢复期市场表现相对更好，而强制性治理较好地区的公司，由于监管执行弹性较小，其股价在恢复期市场表现反而越差，但同时自主性治理提升市场反应的作用随着强制性治理的增强而减弱。本文的结论表明自主性治理能有效降低行业负面消息的影响，随着外界监管的不断增强，公司更应积极主动实施自主性治理才能提升自身在资本市场中的竞争力。 Chinese government took a series of measures to improve monitoring afterwards after the melamine event. Against this background, this paper adopts event study methodology and finds that the stock prices of food and beverage companies have fallen sharply. However, due to the fact that the premium of good voluntary governance can bring investors a better expectation, the companies with good voluntary governance tend to be less affected by the melamine event. In the areas of better mandatory governance, stock prices have stronger reaction to the melamine event because the regulatory execution is less flexible. Accompanying with continuously strengthened external supervision, companies should implement the voluntary governance more actively to enhance the level of corporate governance and create their competitive advantages in the capital market.

Abstract: