CAJ | 학술논문

2011年,我国浙江等地发生了严重的血铅电池事件,国家环保部对生产铅蓄电池的企业进行了督查整治和停产整改,该“环保风暴”速袭资本市场.为探索事件期间资本市场对实施不同社会责任战略的涉事公司及其所处输配电气行业的反应规律,本文首先采用事件研究法对涉事公司进行案例研究,发现资本市场对涉事公司反应消极,其程度由弱至强为实施“行善、避害”、“不行善、避害”、“行善、不避害”、“不行善、不避害”社会责任战略的公司;进一步通过回归分析发现,该事件对输配电气行业产生了溢出效应,资本市场对该行业反应消极,其程度由弱至强为实施“行善、避害”、“不行善、避害”（或“不行善、不避害”）、“行善、不避害”社会责任战略的公司.案例研究和回归分析均表明,资本市场对实施“行善、避害”社会责任战略的公司给予了积极评价,公司履行社会责任具有“类保险”效应.研究结论可供企业科学选择社会责任战略和政府、媒体、公众等利益相关者有效督导企业社会责任的全面履行提供决策参考.
2011년,아국절강등지발생료엄중적혈연전지사건,국가배보부대생산연축전지적기업진행료독사정치화정산정개,해“배보풍폭”속습자본시장.위탐색사건기간자본시장대실시불동사회책임전략적섭사공사급기소처수배전기행업적반응규률,본문수선채용사건연구법대섭사공사진행안례연구,발현자본시장대섭사공사반응소겁,기정도유약지강위실시“행선、피해”、“불행선、피해”、“행선、불피해”、“불행선、불피해”사회책임전략적공사;진일보통과회귀분석발현,해사건대수배전기행업산생료일출효응,자본시장대해행업반응소겁,기정도유약지강위실시“행선、피해”、“불행선、피해”（혹“불행선、불피해”）、“행선、불피해”사회책임전략적공사.안례연구화회귀분석균표명,자본시장대실시“행선、피해”사회책임전략적공사급여료적겁평개,공사리행사회책임구유“류보험”효응.연구결론가공기업과학선택사회책임전략화정부、매체、공음등이익상관자유효독도기업사회책임적전면리행제공결책삼고.
A series of blood lead battery pollution accidents （BLBPA） occurred in Zhejiang and other provinces of China in 2011. The Chinese of Environmental Protection required those relevant firms to stop rectification under their supervision. The ‘ Environmental Protection Storm＇ had a rapid impact on capital market. This paper adopted the event study method to conduct a case study on the listed Corporation involving BLBPA in order to explore the responding regularity from capital market to the involved companies who implement different corporate social responsibility （CSR） strategy. It is found that the capital market takes the negative reaction to the corporation involved BLBPA. The extent from weakness to intensity on CSR strategy is ‘ doing good, avoiding harm＇ , ‘ not doing good, avoiding harm＇ , ‘ doing good, facing harm＇ , and ‘ not doing good, facing harm＇. The paper also finds out that BLBPA has a significant premium effect to the transmission and distribution section of electrical industry by further regression analysis, and the capital market reacts negatively to the industry mentioned above. The extent from weakness to intensity on CSR strategy is ‘ doing good, avoiding harm＇ , ‘ not doing good, avoiding harm＇ or ‘ not doing good, facing harm＇ , ‘ doing good,facing harm＇. In addition, this paper finds out that Chinese capital market makes a positive appraisal to the companies with CSR strategy of ‘ doing good, avoiding harm＇ according to case study and regression analysis. Those companies performing CSR produce an ‘ insurance-like＇ effect. The research results put forward suggestion for companies to choose CSR strategy logically and for stakeholders such as government, media and the general public to supervise the implementation on CSR effectively.