【作者】 林中跃； 刘春林； 吴狄；

【Author】 LIN Zhong-yue, LIU Chun-lin,WU Di (School of Business, Nanjing University, Nanjing,Jiangsu,210093,China)

【机构】 南京大学商学院；

【摘要】 本文研究了2008年发生的三聚氰胺丑闻对乳制品企业股价的影响。本文重点讨论了三聚氰胺丑闻会对乳制品企业股价产生怎样的影响。传统理论认为丑闻会在短期内给关联企业股价带来显著的负面影响,这种显著负面影响往往会持续较长一段时间,投资者对丑闻信息反应不足。本文以我国证券市场中的乳制品企业为样本,研究表明三聚氰胺丑闻会在短期内给样本企业股价带来显著的负面影响,但在较长一段时间内样本企业的股价并没有因为丑闻事件而持续显著下跌,反而出现显著上涨的现象,表明我国投资者对三聚氰胺丑闻信息过度反应。更多还原

【Abstract】 The paper study the the effect of Melamine scandal on stock price of dairy firms in 2008.Firms’ unethical business conduct will lead to scandal, we focus on what kind of impact melamine scandal will bring to the stock price of dairy firms. The traditional theory abroad consider scandal will bring significantly negative impact to the stock price of dairy firms, and the significantly nagative impact will sustain a longer period of time, investors underreact the scandal information. The paper take the data from the listed dairy firms in Chinese stock market, the result prove:Melamine scandal will bring significantly negative impact to the stock price of sample fims, however the significantly decrease of sample fims’ stock price does not sustian a longer period of time, instead the stock price significantly increase after the previous decrease. This phenomenon illustrate that investers in Chinese stock market overreact the Melamine scandal information.更多还原