摘要
本文以“双康”事件(康美药业和康得新)为契机,研究重大违规事件的溢出效应,利用事件同行业和同地区上市公司为实验样本进行检验,结果表明:①当公司发生了重大违规行为后,导致同行业的上市公司股价会显著下降,而同地区上市公司受到的影响并不显著;②通过检验溢出效应的内在机制,本文验证了上市公司盈余质量是造成行业溢出效应的影响因素,盈余质量越低的上市公司受到的波动越显著;③在分组检验的结果中,本文证明股权集中度高和国有所有权的上市公司受到违规事件的影响更加显著。由此,意味着投资者在面对负面市场消息时可能会以会计信息为依据进行投资决策。所以,本文建议上市公司应该通过提升自身的会计信息质量从而降低负面事件的波动。
Focusing on shuangkang fraud event,is the spillover effect of fraud analyzed,and the same industry and the same region listed companiesare used as the experimental samples.The results show as follows.First,the price of the listed companies in the same industry would decline significantly after fraud of the company,while this declination was not significant in the same province.Second,the low earning quality of listed companies could explain the decline in the stock prices.Third,group test indicated that a company’s internal governance could affect the spillover effect.Specifically,higher ownership concentration and state‑owned enterprises were greatly influenced by the spillover effect of fraud.Therefore,it could be inferred that investors may make decision according to accounting information in the face of negative market news.The paper suggested that listed companies should improve the quality of their earning quality to reduce the volatility of negative information.
作者
冯莉
Feng Li(School of Accountancy,Xinjiang University of Finance and Economic,Urumqi 830012)
出处
《技术经济》
CSSCI
北大核心
2021年第1期138-144,共7页
Journal of Technology Economics
基金
国家自然科学基金“基于溢出效应的社会资本损伤、修复及效果的研究”(71762027)
“被担保企业的盈余特征与担保企业的债务契约”(71662028)。
关键词
违规事件
溢出效应
社会信任
fraud event
spillover effect
social trust
