作　　者： ;

机构地区： 中山大学新华学院

出　　处： 《经济研究》 2016年第9期58-72,共15页

摘　　要： 基于2004-2012年媒体曝光的食品安全事件，本文首次同时从媒体关注和资本市场反应两个视角出发，分短期和中长期定量分析了媒体、资本市场与政府对食品安全监督的有效性，并研究了食品安全事件的行业溢出效应。结果显示：短期而言，大众媒体曝光食品安全事件给涉事公司带来显著为负的超常收益率，且媒体关注度越高，超常收益率绝对值越大，因此资本市场的激励机制成为监督食品安全的关键力量；长期而言，随着相关政府部门介入，官方权威媒体深入报道和追根溯源，与资本市场共同作用形成长期监督的力量。本文认为，建立媒体、资本市场与政府共同监督、协同治理的长效机制，是食品安全监督的有效模式，并且本文提出三方各自应该发挥的作用，使食品企业“不敢违规、不能违规、不想违规”。另外还发现，食品安全事件的行业溢出效应存在竞争效应和传染效应两种形式，具体表现形式决定于媒体报道能否有效降低信息不对称。 Based on a sample of food safety events disclosed by the media from 2004 to 2012, this paper examines the effectiveness of food safety regulation by the media, capital market as well as government, from the perspective of media coverage and capital market response, and also investigates the spillover effect. The empirical results show that in the short run a disclosure of food safety event by mass media brings significantly negative abnormal return for the involved firms. The more the media coverage, the larger the shareholder loss. The mass media becomes an effective mechanism to supervise food safety. In the long run, with the government getting involved, the government media cooperating with the capital market will form the power for supervision. Hence, establishing a sustainable mechanism with collaborative governance among the media, capital market and government is an effective mode for the food safety regulation. Moreover, this paper proposes the respective roles of the three parties so that the food manufacturing firms don＇t dare to, don＇t be able to, and don＇t want to be out of line. Besides, it is found that the spillover effects may take the form of either competition effect or contagion effect. The specific form depends on whether the media report could reduce the information asymmetry.

关 键 词： 食品安全 媒体关注 资本市场 协同治理

分 类 号： [F426.82]

领　　域： []