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.

摘要： 本文以酒鬼酒“塑化剂”事件为案例，运用事件研究和双重差分的方法，研究该食品安全事件对酒鬼酒及白酒行业带来的影响。研究结果表明：事件日后20天内其累计异常收益平均下降了30%，证券市场发挥了“用脚投票”的功能，对肇事企业起到惩罚的作用；此外，酒鬼酒“塑化剂”事件对整个白酒行业带来的“传染效应”大于“竞争效应”，平均意义上“塑化剂”事件使得白酒类企业的累计异常收益下降了6%，说明食品安全问题会带来一损俱损现象。