交叉上市公司社会责任缺陷披露的市场反应——基于紫金矿业突发渗漏环保事故的案例研究

发布时间：2018-09-11 10:59

【摘要】：伴随着工业化进程加快,社会责任缺失现象日益严重,各类企业违法违规事故层出不穷,其中不乏国有大型控股公司,这种现象引起了投资者、监管机构等利益相关者的广泛关注。在此背景下,研究资本市场对上市公司社会责任缺陷披露的反应具有重要的理论意义和现实意义。本文以交叉上市的紫金矿业为例,采用事项研究法,检验了A股和H股市场对紫金矿业集团股份有限公司发布的一系列有关紫金山铜矿湿法厂污水池突发渗漏环保事故重要公告的市场反应,并比较了两地市场对同一公告的反应差异。研究发现:两地市场对重大事故公告均提前预知并呈负面反应,在公告前A股市场反应程度大于H股市场,公告发布后H股市场投资者更加敏感;两地市场对董事会(临时)决议公告呈正面反应,但H股市场投资者更加谨慎;对处罚公告两市反应不同,A股市场未对处罚公告作出反应,H股市场对处罚公告呈负面反应;总体而言,H股市场与A股市场反应程度存在显著差异。
[Abstract]:With the acceleration of industrialization, the phenomenon of lack of social responsibility is becoming more and more serious, and various kinds of enterprises break the law and violate laws and regulations in endlessly. Among them, there are many large state-owned holding companies. This phenomenon has aroused investors. A wide range of stakeholders, such as regulators, are concerned. In this context, it is of great theoretical and practical significance to study the reaction of capital market to the disclosure of social responsibility defects of listed companies. In this paper, we take Zijin mining industry as an example and adopt the method of event research. The market reaction of A-share and H-share markets to a series of important announcements issued by Zijin Mining Group Co., Ltd. concerning sudden leakage of sewage ponds in Zijinshan Copper Mine Wet process Plant was examined. The differences of market responses to the same announcement are also compared. The results show that: both markets predict and react negatively to the announcement of major accidents in advance. Before the announcement, the degree of reaction in the A-share market is greater than that in the H-share market, and investors in the H-share market are more sensitive after the announcement. The two markets reacted positively to the announcement of the board of directors (provisional) resolution, but investors in the H-share market were more cautious, and the A-share market did not react to the punishment announcement, while the H-share market reacted negatively to the punishment announcement. Generally speaking, there are significant differences between H-share market and A-share market.
【作者单位】：东北财经大学会计学院/中国内部控制研究中心;
【基金】：辽宁省社会科学规划基金项目“企业社会责任成本研究”(编号:L080DJY119)
【分类号】：F426.1;F832.51;F205

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