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

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

【摘要】：食品行業(yè)內(nèi)大多數(shù)企業(yè)仍處于成長建設(shè)時期，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)的會忽視自身的道德誠信建設(shè)。由于市場交易中產(chǎn)品信息不對稱，消費者處于信息劣勢地位，無法進(jìn)行合理有效的消費選擇。這些因素導(dǎo)致近幾年屢次發(fā)生危害消費者生命健康安全的案例，食品安全問題引起社會各界廣泛關(guān)注。針對這種情況，我國衛(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)的提高必定會對行業(yè)和企業(yè)的經(jīng)營發(fā)展帶來復(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)提升對企業(yè)股票價格的影響。建立了產(chǎn)品信息披露程度提高與上市企業(yè)股價短期波動的關(guān)系模型，利用我國食品上市企業(yè)數(shù)據(jù)進(jìn)行實證研究。模型的實證檢驗主要采用事件研究方法，，分析股價的波動方向和時間區(qū)間，選擇的主要研究變量為企業(yè)股價異常收益率。實證分析的結(jié)果證實，我國食品上市企業(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，股價短期內(nèi)確實會發(fā)生波動，并且方向為正向，即股票價格會上升。 在證實股價短期上升的結(jié)果基礎(chǔ)上，本文建立了短期股價波動幅度的影響因素模型，用于檢驗食品行業(yè)內(nèi)部各個企業(yè)股價上升幅度差異存在的影響因素。該部分實證結(jié)果首先證明企業(yè)經(jīng)營業(yè)績會導(dǎo)致股價上升幅度的差異，經(jīng)營業(yè)績越好營業(yè)收入越高的企業(yè)會有更大程度的股價上升。另外，本文還選擇企業(yè)管理經(jīng)營策略制定時考慮的營銷宣傳、公益捐贈和創(chuàng)新研發(fā)相關(guān)投入作為考慮因素，研究結(jié)果除了沒有證實用于營銷宣傳的廣告支出對事件發(fā)生時股價的波動有顯著影響外，企業(yè)用于公益捐贈和研發(fā)方面的投入都被證實了會對產(chǎn)品信息披露引起的股票價格短期上揚(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)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F426.82

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