Enterprise Product Quality and Capital Market Stabil-ity:Based on the Perspective of"ISO9000 Quality Man-agement System"
At present,the main contradiction in the operation of Chinese real economy is still on the supply side,that is,the supply structure cannot adapt to the changes in the demand structure,and the supply of product quality cannot meet the high-standard and multi-level market demand.Product quality is related to the well-be-ing of people's livelihoods,and as a key factor in the high-quality development of Chinese economy,the safety and stability of the product market is also the basis for unimpeded internal circulation of consumption,the construction of a new pattern of development,and the promotion of common prosperity.In recent years,product quality accidents in the food and pharmaceutical industries have come to light from time to time,disrupting the real economy and the order of the financial market to a certain extent,and triggering widespread concern about product quality in all sectors of society.How to achieve the measurement of the quality of enterprise prod-ucts is a long-standing problem that has plagued the academic community.ISO9000 is the world's first series of international stan-dards for quality management and quality assurance issued by ISO in 1987.The standard absorbs the quality philosophy of the PDCA cycle,the use of international advanced quality management meth-ods,showing universality and strong guidance,since its inception,more than 160 countries have been directly adopted or equivalent to the corresponding national standards.China converted the ISO9000 standard into a national standard in 1992,and as of the end of 2018 more than 400,000 units have passed ISO9000 certification.The standard is internationally interconnected and widely used in China,which can establish the trust of consumers and investors,bring the correlation between the product market and the capital market clos-er,and achieve a more authoritative measurement of the quality of the enterprise's products.Therefore,this paper adopts the ISO9000,a mature application of the implementation of the standard to build the enterprise product quality indicators,to explore the impact of enterprise product quality on the stability of the capital market.Financial development is rooted in the real economy,the real economy to improve the quality of upgrading can help to solidify the confidence of market players on the economic fundamentals,thereby enhancing the resilience of Chinese financial market and risk-resistant capacity.Recently,although the research on the causes of the risk of stock price collapse has been extended to the product market area,it mainly focuses on the supply chain relationship,and few studies have paid attention to the relationship between the quality of the products of enterprises and the risk of stock price col-lapse.Then,whether improving product quality,as the main focus of real economy construction,can escort the stability of the capital market is in urgent need of in-depth research.This paper attempts to construct a corporate product quality measurement index based on ISO9000 to explore whether product quality can withstand the impact of negative events on corporate stock prices.Based on ISO9000,this paper constructs an enterprise product quality index,and analyzes the impact of enterprise product quality on capital market stability from the perspective of stock price crash risk.The study found that the improvement of enterprise product quality can significantly reduce the risk of future stock price crash.The heterogeneity test found that the inhibition of enterprise product quality on the stock price crash risk is more significant in regions with higher degree of marketization,industries with higher degree of product market competition and state-owned enterprises.Further mechanism test shows that the product quality of enterprises can resist the risk of stock price crash by improving business stability information disclosure and reputation accumulation.The economic consequences test shows that the restraining effect of enterprise product quality on the risk of stock price crash is helpful to enhance the value of the enterprise.With these caveats in mind,this paper makes several contributions.Firstly,it expands the research on product quality.Currently,there is limited disclosure of corporate product quality information and a relative lack of measurement systems based on mature standards.Research on product quality is mostly based on qualitative analysis and case studies,lack of literature to support the conclusions with empirical data.This paper constructs corporate product quality indicators based on ISO9000,an international common standard,and focuses on examining the impact on the risk of stock price crash risk which compensates for the lack of existing literature.Secondly,it enriches the research on the causes of stock price crash risk.Current study on the causes of stock price crash risk mostly examines factors such as corporate investment and financing,lack of the examination of product quality.Unlike the above literature,this paper is based on the background of Chinese emerging markets to explore whether the quality of enterprise products affects the risk of stock price collapse,from the perspective of operational stability,information disclosure and reputation transfer proposed specific im-pact mechanism,expanding the field of stock price collapse of the relevant research.Thirdly,this paper expands the research on the intersection of product markets and capital markets.The existing product market literature has mostly focused on the effects of cus-tomer characteristics,peer characteristics,supplier characteristics on the management investment decisions,financing decisions,and risk resilience of firms in the capital market.The product market is the carrier of the operation of commodity economy and the reality of the performance.Product quality affects the supply,production,sales and other stakeholders in the capital market.Current research rarely examines whether enterprise's product quality will be passed to the capital market,and thus affect the stock price crash risk,so this paper can be seen as a complementary to the cross-study area on the product market and the capital market.The research findings in this paper may have important implica-tions.On the one hand,this paper constructs the measurement index of enterprise product quality and tests the positive influence of product quality improvement on enterprises'expanding market share.Under the environment of internal circulation,enterprises should shoulder the task of the times and provide higher quality products and services.On the other hand,from the perspective of enterprise product quality and stock price crash risk,this paper ex-pands the cross-study between product market and capital market,and provides empirical evidence and policy reference for promoting high-quality development and stabilizing the capital market.
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