产品召回的市场反应及溢出效应实证研究
摘要
产品召回事件在我国频频发生,尽管产品召回难以对企业品牌和信用造成长远伤害,但是对短期股东财富会产生巨大影响,企业对于产品召回事件的应对也就显得尤为重要。本文从市场反应的角度出发,选取我国近十年发出产品召回声明的56家上市公司股价及其相关财务数据为样本,采用事件研究法进行分析,以期通过市场反应分析结果对企业提供应对建议。结果表明:产品召回声明会造成企业短期收益的负向发展,不同行业也表现出不同程度的累积异常报酬率,产品召回策略的选择也将在一定程度上影响股价走向;此外,同行业内产品召回反应存在溢出效应,且少数企业存在正向溢出效应。
引文
[1]程淼、何坪华:《乳制品质量安全事件的溢出效应分析——以蒙牛食品危机事件为例》,《世界农业》2015年第8期。
[2]郑国辉:《汽车缺陷产品实施召回制度的经济学分析》,《中国工程机械学报》2005年第2期。
[3]杨晶、刘春林、崔玮:《是“池鱼之殃”还是“渔翁得利”——企业危机负面效应溢出研究》,《现代经济探讨》2012年第5期。
[4]王军、青平、李慧超:《产品伤害危机背景下竞争品牌间负面溢出的非对称效应研究》,《软科学》2015年第2期。
[5]郑碎环:《上市公司产品召回信息的市场反应研究——基于中国上市公司食品药品召回的经验证据》,杭州电子科技大学2013年硕士学位论文。
[6]李正、官峰、郑碎环、李增泉:《中国产品召回事件的经济后果研究——以食品和药品召回事件为例》,《会计研究》2016年第11期。
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[14]Cassidy M R,Sheldon H K,Gainsbury M L,et al.The Role of Volition in Organizational Learning:The Case of Automotive Product Recalls[J].Management Science,2004,50(11):1545-1560.
[15]Jolly D W,Mowen J C.PRODUCT RECALL COMMUNICATIONS:THE EFFECTS OF SOURCE,MEDIA,AND SOCIAL RESPONSIBILITY INFORMATION[J].Advances in Consumer Research,1985,12(3):471-475.
[16]Chu T H,Lin C C,Prather L J.An Extension of Security Price Reactions Around Product Recall Announcements[J].Journal of Business&Economics,2005,44(3):33-48.
[17]Wynn M T,Ouyang C,Hofstede A H M T,et al.Data and process requirements for product recall coordination[J].Computers in Industry,2011,62(7):776–786.
[18]Siomkos G J,Kurzbard G.The Hidden Crisis in Product-harm Crisis Management[J].European Journal of Marketing,1994,28(2):30-41.
[19]Freedman S,Lederman M.Product Recalls,Imperfect Information,and Spillover Effects:Lessons from the Consumer Response to the 2007 Toy Recalls[J].Review of Economics&Statistics,2009,94(15183):499-516.
[2]郑国辉:《汽车缺陷产品实施召回制度的经济学分析》,《中国工程机械学报》2005年第2期。
[3]杨晶、刘春林、崔玮:《是“池鱼之殃”还是“渔翁得利”——企业危机负面效应溢出研究》,《现代经济探讨》2012年第5期。
[4]王军、青平、李慧超:《产品伤害危机背景下竞争品牌间负面溢出的非对称效应研究》,《软科学》2015年第2期。
[5]郑碎环:《上市公司产品召回信息的市场反应研究——基于中国上市公司食品药品召回的经验证据》,杭州电子科技大学2013年硕士学位论文。
[6]李正、官峰、郑碎环、李增泉:《中国产品召回事件的经济后果研究——以食品和药品召回事件为例》,《会计研究》2016年第11期。
[7]Siomkos G J,Kurzbard G.The Hidden Crisis in Product-harm Crisis Management[J].European Journal of Marketing,1994,28(2):30-41.
[8]Rupp N G.Are government initiated recalls more damaging for shareholders?Evidence from automotive recalls,1973–1998[J].Economics Letters,2001,71(2):265-270.
[9]Jarrell G,Peltzman S.The Impact of Product Recalls on the Wealth of Sellers.[J].Neueren Sprachen,1985,93(3):512-36.
[10]Iii W N D,Dan L W.Research notes and communications:The effect of product recall announcements on shareholder wealth[J].Strategic Management Journal,1992,13(6):467–473.
[11]Salin V,Hooker N H.Stock Market Reaction to Food Recalls[J].Review of Agricultural Economics,2001,23(1):33-46.
[12]Ekanayake E M,Sengupta S,Sengupta S.The Impact of Toys Recall Announcements on Market Returns[C]2012:72-85.
[13]Shawl M,Gilkes J J H,Nally F F.Does a Firm's Product-Recall Strategy Affect Its Financial Value?An Examination of Strategic Alternatives During Product-Harm Crises[J].Journal of Marketing,2009,73(6):214-226.
[14]Cassidy M R,Sheldon H K,Gainsbury M L,et al.The Role of Volition in Organizational Learning:The Case of Automotive Product Recalls[J].Management Science,2004,50(11):1545-1560.
[15]Jolly D W,Mowen J C.PRODUCT RECALL COMMUNICATIONS:THE EFFECTS OF SOURCE,MEDIA,AND SOCIAL RESPONSIBILITY INFORMATION[J].Advances in Consumer Research,1985,12(3):471-475.
[16]Chu T H,Lin C C,Prather L J.An Extension of Security Price Reactions Around Product Recall Announcements[J].Journal of Business&Economics,2005,44(3):33-48.
[17]Wynn M T,Ouyang C,Hofstede A H M T,et al.Data and process requirements for product recall coordination[J].Computers in Industry,2011,62(7):776–786.
[18]Siomkos G J,Kurzbard G.The Hidden Crisis in Product-harm Crisis Management[J].European Journal of Marketing,1994,28(2):30-41.
[19]Freedman S,Lederman M.Product Recalls,Imperfect Information,and Spillover Effects:Lessons from the Consumer Response to the 2007 Toy Recalls[J].Review of Economics&Statistics,2009,94(15183):499-516.