| 生产安全事故与自然灾害信息对中国股票市场影响的实证研究 |
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| 引用本文： | 李平,汤怀林.生产安全事故与自然灾害信息对中国股票市场影响的实证研究[J].电子科技大学学报(社会科学版),2014(3):15-22. |
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| 作者姓名： | 李平 汤怀林 |
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| 作者单位： | 电子科技大学,成都611731 |
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| 基金项目： | 国家自然科学基金面上项目（71171034）;中央高校基本科研业务费专项资金（ZYGX2011J109）. |
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| 摘 要： | 采用事件研究法以2003～2013年间中国上市公司118个关于受生产安全事故、自然灾害影响的公告为样本实证研究了此类事件对中国股票市场的影响。研究结果表明：（1）相比牛市而言，熊市环境下事故灾害对股市产生影响的持续时间更长；（2）生产安全事故比自然灾害对股市的影响更大，自然灾害对股市呈现分阶段的影响；（3）不同行业受事故灾害的影响程度各不相同，电力、热力、燃气及水生产和供应业几乎不受负面影响；（4）同等严重程度的事故灾害信息的披露对小规模公司所产生的短期影响要大于大规模公司，但其对大规模公司的影响时间更持久。
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| 关 键 词： | 生产事故 自然灾害 事件研究 股票市场 |
Impact of Production Accidents and Natural Disasters on the Chinese Stock Markets |
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| LI Ping,TANG Huai-lin.Impact of Production Accidents and Natural Disasters on the Chinese Stock Markets[J].Journal of University of Electronic Science and Technology of China(Social Sciences Edition),2014(3):15-22. |
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| Authors: | LI Ping TANG Huai-lin |
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| Institution: | (University of Electronic Science and Technology of China Chengdu 611731 China) |
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| Abstract: | By using the event study method, this paper adopts 118 samples of industrial accidents and natural disasters occurred in China during the period 2003-2013 to investigate the impact of these kinds of event on the Chinese stock markets. We find that： （1） Compared with the bull market, the event occurred in the bear market has longer negative impact. （2） The impact of production accidents is more serious than that of natural disasters which present different effects in stages. （3） Different industries suffer from different degrees of effect. Particularly, the event almost has no negative impact on the industry of power, heat, gas and water. （4） Comparatively, the impact of event on small firms is more serious in a short time, but big firms subject a longer effect period. |
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| Keywords: | production accident natural disaster event study stock market |
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