企业不同类型伪善行为的识别及市场反应研究
Study on Identification and Market Reaction of Different Types of Hypocritical Behavior in Enterprises
高艳慧 1刘云1
作者信息
- 1. 西安工程大学 管理学院,陕西 西安 710048
- 折叠
摘要
为探究企业的伪善行为能否被市场识别,采用文献研究法总结出忽视员工型伪善和财务造假型伪善两种伪善行为,收集我国A股上市公司2015—2021 年捐赠事件的股价信息,通过事件研究法分析股票市场对于两种企业伪善行为的反应.研究结果表明:忽视员工型伪善对股票价格有正向影响,而财务造假型伪善对股票价格有负向影响;我国市场可以识别财务造假型伪善,但不能识别忽视员工型伪善.研究结论不仅提供了我国股票市场未达到合理自洽和有效治理的新证据,还对股民优化投资决策和监管部门提升市场效率等具有实践意义.
Abstract
In order to explore whether the hypocrisy of enterprises can be identified by the market,two kinds of hypocrisy are summarized by literature research method:ignoring employee hypocrisy and financial fraud hypocrisy.This paper manually col-lected the stock price information of corporate donation events of China 's A-share listed companies from 2015 to 2021,and ana-lyzed the stock market's response to the hypocrisy of two kinds of enterprises through the event research method.The results show that ignoring employee hypocrisy has a positive impact on stock prices,while financial fraud hypocrisy has a negative impact on stock prices;China's market can identify financial fraud hypocrisy,but not employee hypocrisy.This conclusion not only pro-vides new evidence that China's stock market has not achieved reasonable self-consistency and effective governance,but also has practical significance for shareholders to optimize investment decisions and regulatory authorities to improve market efficiency.
关键词
伪善/市场反应/员工责任/财务造假/事件研究法Key words
hypocrisy/market response/employee responsibilities/financial fraud/event study methods引用本文复制引用
基金项目
陕西省社科基金项目(2023R061)
陕西省软科学研究计划一般项目(2023-CX-RKX-082)
出版年
2024
NETL
NSTL
万方数据