CAJ | 학술논문

伴随着工业化进程加快，社会责任缺失现象日益严重，各类企业违法违规事故层出不穷，其中不乏国鸯大型控股公司，这种现象引起了投资者、监管机构等利益相关者的广泛关注。在此背景下。研究资本市场对上市公司社会责任缺陷披露的反应具有重要的理论意义和现实意义。本文以交叉上市的紫金矿业为例。采用事项研究法，检验了A股和H股市场对紫金矿业集团股份有限公司发布的一系列有关紫金山铜矿湿法厂污水池突发渗漏环保事故重要公告的市场反应，并比较了两地市场对同一公告的反应差异。研究发现：两地市场对重大事故公告均提前预知并呈负面反应。在公告前A股市场反应程度大于H股市场，公告发布后H股市场投资者更加敏感；两地市场对董事会（临时）决议公告呈正面反应，但H股市场投资者更加谨慎；对处罚公告两市反应不同，A股市场未对处罚公告作出反应，H股市场对处罚公告呈负面反应；总体而言。H股市场与A股市场反应程度存在显著差异。
반수착공업화진정가쾌，사회책임결실현상일익엄중，각류기업위법위규사고층출불궁，기중불핍국앙대형공고공사，저충현상인기료투자자、감관궤구등이익상관자적엄범관주。재차배경하。연구자본시장대상시공사사회책임결함피로적반응구유중요적이론의의화현실의의。본문이교차상시적자금광업위례。채용사항연구법，검험료A고화H고시장대자금광업집단고빈유한공사발포적일계렬유관자금산동광습법엄오수지돌발삼루배보사고중요공고적시장반응，병비교료량지시장대동일공고적반응차이。연구발현：량지시장대중대사고공고균제전예지병정부면반응。재공고전A고시장반응정도대우H고시장，공고발포후H고시장투자자경가민감；량지시장대동사회（림시）결의공고정정면반응，단H고시장투자자경가근신；대처벌공고량시반응불동，A고시장미대처벌공고작출반응，H고시장대처벌공고정부면반응；총체이언。H고시장여A고시장반응정도존재현저차이。
With the accelerated process of industrialization, lacking social responsibility is an incneasingly serious problem, and accidents of violations of law frequently take place in all types of companies including large state-owned companies. The phenomenon has aroused attention of investors, regulators and other stakeholders. In this background, the study of the capital market reacting to social responsibility defects disclosure of listed companies has the important theoretical and practical significance. The paper uses the event study method to test the A - share and H - share market＇ s reaction to the event that Zijin Mining Group Co. , Ltd. released a series of important announcements of cesspools＇ sudden leaking, and to compare the different reactions of the two markets facing the same notice. The paper drew the conclusion that both of the two markets reacted ahead of the announcement of the major accident and showed a negative reaction. Before the announcement, the reaction extent of A - share market was greater than that of H - share market. After the announcement, investors of H - share market were more sensitive. The two markets both displayed a positive reaction to the temporary resolution of Board of Directors, but H - share market investors were more cautious. The two markets responded differently to the penalty notice. A - share market did not react to the penalty notice, while H - share market displayed a negative reaction to the penalty notice. In general, H - share market and A - share market were significantly different in the degree of reaction.