Abstract: Self correcting mechanism of capital market can promote the social responsibility of enterprise in a certain extent, and alleviate the problem of food safety. With Plasticizer event of JiuGui Liquor as a case, this paper studied the impact of food safety incident on JiuGui Liquor Corporation and liquor-making industry, investigated whether the capital market to make economic punishment for the accident enterprises due to corporate social responsibility event. Using the event study and difference in difference, research results show that the cumulative abnormal returns of accident enterprises decreased 30% within 20 days of event, therefore capital markets play “voting with their feet” and play the role of punishment on accident enterprisers; Furthermore, the "contagious spillover effect" on liquor-making industry, which originated from the event of plasticizer, is greater than the "competitive spillover effects”, on average, the cumulative abnormal returns of liquor companies declined 6% because of “plasticizer" events, accordingly, food safety issues will bring a loss for both.