华东经济管理
華東經濟管理
화동경제관리
EAST CHINA ECONOMIC MANAGEMENT
2014年
1期
164-171
,共8页
产品负面报道%金融加速器效应%动态面板数据
產品負麵報道%金融加速器效應%動態麵闆數據
산품부면보도%금융가속기효응%동태면판수거
negative reports on product%financial accelerator effect%dynamic panel data
使用12家乳制品类上市公司2005-2012年的季度动态面板数据，文章对“三鹿毒奶粉事件”这一产品负面报道的“小冲击，大波动”的金融加速器效应进行了检验，结果发现，在研究的样本范围内，存在金融加速器效应；但金融加速器效应的两个不对称特征与理论本身所揭示的相反，即受冲击时期的资产负债表状况对投资支出影响显著但敏感性弱于其他时期；大公司的资产负债表效应更显著且受冲击时这种效应也很显著。这可能源于产品负面报道的溢出效应不仅带来了传染，也带来了竞争，在危机时期，大公司更倾向于采用竞争策略，夺占问题企业的市场份额。
使用12傢乳製品類上市公司2005-2012年的季度動態麵闆數據，文章對“三鹿毒奶粉事件”這一產品負麵報道的“小遲擊，大波動”的金融加速器效應進行瞭檢驗，結果髮現，在研究的樣本範圍內，存在金融加速器效應；但金融加速器效應的兩箇不對稱特徵與理論本身所揭示的相反，即受遲擊時期的資產負債錶狀況對投資支齣影響顯著但敏感性弱于其他時期；大公司的資產負債錶效應更顯著且受遲擊時這種效應也很顯著。這可能源于產品負麵報道的溢齣效應不僅帶來瞭傳染，也帶來瞭競爭，在危機時期，大公司更傾嚮于採用競爭策略，奪佔問題企業的市場份額。
사용12가유제품류상시공사2005-2012년적계도동태면판수거，문장대“삼록독내분사건”저일산품부면보도적“소충격，대파동”적금융가속기효응진행료검험，결과발현，재연구적양본범위내，존재금융가속기효응；단금융가속기효응적량개불대칭특정여이론본신소게시적상반，즉수충격시기적자산부채표상황대투자지출영향현저단민감성약우기타시기；대공사적자산부채표효응경현저차수충격시저충효응야흔현저。저가능원우산품부면보도적일출효응불부대래료전염，야대래료경쟁，재위궤시기，대공사경경향우채용경쟁책략，탈점문제기업적시장빈액。
Using quarter dynamic panel data of 12 listed-companies of dairy industry from 2005 to 2012, the paper empiri-cally analyzes the small shocks and large fluctuations of the financial accelerator effect of negative reports on product of Sanlu Milk Powder Scandal Event and finds that the financial accelerator is existence but its two asymmetric features are contrary to theoretical expectations. In other words,the influence of balance sheet to investment is significant during the crisis and the sen-sitivity is weaker than other periods;Large company’s balance sheet effects are more significant and the sensitivity of big com-pany’s investment to balance sheet is more significant during the crisis,which may result from the spillover effects of product negative reports not to bring contagion effects but effects of competition and in order to seize market share during the crisis,big companies are more likely to adopt competitive strategy.
