CAJ | 학술논문

本文以2004～2009年发生的缺陷汽车召回事件为样本，首次实证检验了我国产品召回事件的影响因素及其经济后果。研究结果显示，资本市场对召回厂商实施了严厉的惩罚。在公告日前后，召回厂商的股价下跌1．98％，平均每家厂商损失3．07亿元。与此同时，非召回厂商也受到召回事件的不利影响，表明召回事件具有负的行业外部性。进一步，我们发现，召回厂商的损失不受召回事件特征的影响。换句话说，资本市场能够识别并惩罚提供缺陷产品的厂商，但却无法对不同类型和不同性质的召回事件区别对待。以上证据证实，即使处于经济转型阶段，市场力量仍然可以在一定程度上纠正企业不负社会责任的行为，但是，市场机制自身也存在一些不足，需要政府的积极引导。
본문이2004～2009년발생적결함기차소회사건위양본，수차실증검험료아국산품소회사건적영향인소급기경제후과。연구결과현시，자본시장대소회엄상실시료엄려적징벌。재공고일전후，소회엄상적고개하질1．98％，평균매가엄상손실3．07억원。여차동시，비소회엄상야수도소회사건적불리영향，표명소회사건구유부적행업외부성。진일보，아문발현，소회엄상적손실불수소회사건특정적영향。환구화설，자본시장능구식별병징벌제공결함산품적엄상，단각무법대불동류형화불동성질적소회사건구별대대。이상증거증실，즉사처우경제전형계단，시장역량잉연가이재일정정도상규정기업불부사회책임적행위，단시，시장궤제자신야존재일사불족，수요정부적적겁인도。
Using a unique sample of auto recalls during the period of 2004 through 2009, this paper empirical- ly examines the determinants and economic consequences of the Chinese auto recall events. Our results indicate that capital market severely punishes the auto-recall manufacturers. During the announcement period, the auto-re- call firms, on average, suffer a loss of 307 million RMB, accounting for a decrease of 1.98% of the share price. Meanwhile, non-recall firms are also negatively influenced by the auto recalls, indicating a negative spillover effect of auto recalls. We also find that the loss confronted by the recall firms is not influenced by the characteristics of the recall events. The policy implication of our findings is that market power can partly remedy the irresponsible firm behavior, but market itself witnesses some flaws and needs a guide from the government.