本文關(guān)鍵詞：食品行業(yè)產(chǎn)品信息披露對(duì)企業(yè)資本市場(chǎng)價(jià)值影響　出處：《哈爾濱工業(yè)大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 產(chǎn)品信息披露 股價(jià)波動(dòng) 事件研究

【摘要】：食品行業(yè)內(nèi)大多數(shù)企業(yè)仍處于成長(zhǎng)建設(shè)時(shí)期，策略制定標(biāo)準(zhǔn)更集中于關(guān)注自身的經(jīng)濟(jì)效益，相應(yīng)的會(huì)忽視自身的道德誠(chéng)信建設(shè)。由于市場(chǎng)交易中產(chǎn)品信息不對(duì)稱(chēng)，消費(fèi)者處于信息劣勢(shì)地位，無(wú)法進(jìn)行合理有效的消費(fèi)選擇。這些因素導(dǎo)致近幾年屢次發(fā)生危害消費(fèi)者生命健康安全的案例，食品安全問(wèn)題引起社會(huì)各界廣泛關(guān)注。針對(duì)這種情況，我國(guó)衛(wèi)生部分別在2011年4月20日和10月12日公布了《預(yù)包裝食品標(biāo)簽通則》和《預(yù)包裝食品營(yíng)養(yǎng)標(biāo)簽通則》，統(tǒng)一并提高了食品產(chǎn)品信息披露的標(biāo)準(zhǔn)。產(chǎn)品信息披露標(biāo)準(zhǔn)的提高必定會(huì)對(duì)行業(yè)和企業(yè)的經(jīng)營(yíng)發(fā)展帶來(lái)復(fù)雜的影響。 本文進(jìn)行的研究主要站在企業(yè)角度，分析食品產(chǎn)品信息披露標(biāo)準(zhǔn)提升對(duì)企業(yè)股票價(jià)格的影響。建立了產(chǎn)品信息披露程度提高與上市企業(yè)股價(jià)短期波動(dòng)的關(guān)系模型，利用我國(guó)食品上市企業(yè)數(shù)據(jù)進(jìn)行實(shí)證研究。模型的實(shí)證檢驗(yàn)主要采用事件研究方法，，分析股價(jià)的波動(dòng)方向和時(shí)間區(qū)間，選擇的主要研究變量為企業(yè)股價(jià)異常收益率。實(shí)證分析的結(jié)果證實(shí)，我國(guó)食品上市企業(yè)在提高產(chǎn)品信息披露法規(guī)發(fā)布后，產(chǎn)品信息披露程度提高改變投資者預(yù)期，股價(jià)短期內(nèi)確實(shí)會(huì)發(fā)生波動(dòng)，并且方向?yàn)檎�，即股票價(jià)格會(huì)上升。 在證實(shí)股價(jià)短期上升的結(jié)果基礎(chǔ)上，本文建立了短期股價(jià)波動(dòng)幅度的影響因素模型，用于檢驗(yàn)食品行業(yè)內(nèi)部各個(gè)企業(yè)股價(jià)上升幅度差異存在的影響因素。該部分實(shí)證結(jié)果首先證明企業(yè)經(jīng)營(yíng)業(yè)績(jī)會(huì)導(dǎo)致股價(jià)上升幅度的差異，經(jīng)營(yíng)業(yè)績(jī)?cè)胶脿I(yíng)業(yè)收入越高的企業(yè)會(huì)有更大程度的股價(jià)上升。另外，本文還選擇企業(yè)管理經(jīng)營(yíng)策略制定時(shí)考慮的營(yíng)銷(xiāo)宣傳、公益捐贈(zèng)和創(chuàng)新研發(fā)相關(guān)投入作為考慮因素，研究結(jié)果除了沒(méi)有證實(shí)用于營(yíng)銷(xiāo)宣傳的廣告支出對(duì)事件發(fā)生時(shí)股價(jià)的波動(dòng)有顯著影響外，企業(yè)用于公益捐贈(zèng)和研發(fā)方面的投入都被證實(shí)了會(huì)對(duì)產(chǎn)品信息披露引起的股票價(jià)格短期上揚(yáng)產(chǎn)生積極的正向影響。
[Abstract]:Most of the enterprises in the food industry are still in the period of growth and construction, and the strategy formulation standard is more focused on their own economic benefits. Because of the asymmetry of product information in the market transaction, consumers are in the inferior position of information. It is impossible to make reasonable and effective consumption choices. These factors have led to repeated cases of endangering consumers' health and safety in recent years. Food safety has caused widespread concern from all walks of life. In view of this situation. In April 20th 2011 and October 12th, the Ministry of Health of China published the General principles of labelling of prepackaged Food and the General principles of Nutrition labelling of Prepackaged Food. The standard of food product information disclosure has been unified and raised. The improvement of product information disclosure standard will bring complex influence to the development of industry and enterprise. The research in this paper is mainly from the perspective of enterprises. This paper analyzes the influence of the improvement of food product information disclosure standard on the stock price of enterprises and establishes the relationship model between the improvement of product information disclosure degree and the short-term fluctuation of stock price of listed enterprises. Empirical research is carried out by using the data of food listed enterprises in China. The empirical test of the model mainly uses the event research method to analyze the fluctuation direction and time interval of stock price. The main research variable selected is the abnormal rate of return on stock price. The results of empirical analysis confirm that the food listed enterprises in China improve the disclosure of product information after the promulgation of laws. Higher disclosure of product information changes investors' expectations that stock prices do fluctuate in the short term and move in a positive direction, meaning that stock prices will rise. On the basis of confirming the results of short-term stock price rise, this paper establishes the model of influencing factors of short-term stock price volatility. It is used to test the influencing factors of the difference in the price rise of each enterprise in the food industry. This part of empirical results first proves that the operating performance of the enterprise will lead to the difference in the rise of the share price. The better the business performance, the higher the business income will be a greater degree of stock price rise. In addition, this paper also choose the business management strategy to consider the marketing publicity. Public donations and innovation and R & D related investment as a consideration, the results of the study did not prove that advertising spending for marketing campaigns had a significant impact on the volatility of the stock price at the time of the event. Corporate spending on public donations and R & D has been shown to have a positive positive impact on short-term increases in stock prices caused by product disclosure.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F426.82

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