The Impact of Food and Drug Recall and Influence Factors Based on Event Study

›› 2018, Vol. 34 ›› Issue (2): 104-112.

The Impact of Food and Drug Recall and Influence Factors Based on Event Study

ZHANG Zhaozhong¹, ZHANG Ying²

1.China Institute of Regulation Research,Zhejiang University of Finance and Economics,Hangzhou 310018, China
2.School of Public Management,Shandong University of Finance and Economics,Jinan 250014,China

Received:2017-06-21 Online:2018-02-10 Published:2018-02-10

基于事件研究法的食品药品召回冲击及其影响因素分析

张肇中¹, 张莹²

1.浙江财经大学中国政府管制研究院,浙江杭州 310018
2.山东财经大学公共管理学院,山东济南 250014

作者简介:张肇中(1985-),男,黑龙江黑河人,浙江财经大学中国政府管制研究院助理研究员,博士;张莹(1982-),女,陕西西安人,山东财经大学公共管理学院副教授,博士。
基金资助:
国家自然科学基金资助项目(71603229);教育部人文社会科学规划基金资助项目(15YJC790151);浙江省自然科学基金资助项目(LQ16G030005)

Abstract

Abstract: This paper uses the event studymethod toevaluate the impact of food and drug recall and analyze the influencing factors of CAAR. It is found that food and drug recall has a lasting effect on the return of companies. The characteristics of recall and enterprise such as the scale of recall, media coverage and trading volume affect CAAR significantly. The effect of recall experience is realized as stereotype effect while the effect of collective recall is realized as transfer effect. This research can provide information to enterprises about product quality control, and also offer reference to regulatory agencies.

Key words: Food and Drug Recall, Event Study, Abnormal Return, Stereotype Effect, Transfer Effect

摘要： 本文采用事件研究法估计食品药品召回对上市公司的影响,并进一步对累计超额收益率的影响因素进行分析。研究结果显示,我国食品药品召回事件对上市公司收益率的影响较为持久,召回规模、媒体报道和交易量等因素均显著影响累计超额收益率,其中召回经历和群体召回的影响分别体现为刻板效应和转移效应。本文对召回影响的探索为食品药品安全监管成本分析拓展新的视角,而对召回经历和群体召回的效应分析也有助于探索我国食品药品监管的特殊性,从而为监管提供借鉴。

关键词: 食品药品召回, 事件研究法, 超额收益率, 刻板效应, 转移效应

CLC Number:

F273.2

ZHANG Zhaozhong, ZHANG Ying. The Impact of Food and Drug Recall and Influence Factors Based on Event Study[J]. , 2018, 34(2): 104-112.

张肇中, 张莹. 基于事件研究法的食品药品召回冲击及其影响因素分析[J]. 财经论丛, 2018, 34(2): 104-112.

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