危机事件的溢出效应:同质混合还是异质共存?——来自“3Q大战”的实证研究
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财经研究 2012 年 第 38 卷第 06 期, 页码：39 - 48
摘要
参考文献
摘要
文章以"3Q大战"为例,从竞争关系和社会距离两方面对危机事件的溢出效应进行了探讨,并首次证实了溢出效应具有异质性。具体而言,在竞争关系方面,竞争公司在危机事件中获得了正的累积超常收益而表现为竞争效应,而非竞争公司的累积超常收益则为负而表现为传染效应;在社会距离方面,距离最远的对立阵营在危机事件中获利,而中立阵营和联盟阵营则受损。文章不仅弥补了现有研究只关注混合的溢出效应的不足,也为未来深入探讨溢出效应的影响因素提供了经验证据。
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[3]王思敏,朱玉杰.公司危机的传染效应与竞争效应———以国美事件为例的小样本实证研究[J].中国软科学,2010,(7):134-141.
[4]肖红军,张俊生,曾亚敏.资本市场对公司社会责任事件的惩戒效应———基于富士康公司员工自杀事件的研究[J].中国工业经济,2010,(8):118-128.
[5]肖华,张国清.公共压力与公司环境信息披露———基于“松花江事件”的经验研究[J].会计研究,2008,(5):15-22.
[6]许磊.“狗日的”腾讯[N].计算机世界,2010,(28).
[7]俞欣,郑颖,张鹏.上市公司丑闻的溢出效应———基于五粮液公司的案例研究[J].山西财经大学学报,2011,(3):80-87.
[8]Bittlingmayer G,Hazlett T W.DOS kapital:Has antitrust action against Microsoft created value in the computer industry[J].Journal of Financial Economics,2000,55:329-359.
[9]Caton G L,Goh J,Kohers N.Dividend omissions and intra-industry information trans-fers[J].Journal of Financial Research,2003,26:51-64.
[10]Elliott R S,Highfield M J,Schaub M.Contagion or competition:Going concern audit opinions for real estate firms[J].Journal of Real Estate Finance and Economics,2006,32(4):435-448.
[11]Ferguson T D,Deephouse D L,Ferguson W L.Do strategic groups differ in reputa-tion?[J].Strategic Management Journal,2000,21(12):1195-1214.
[12]Ferris S,Jayaraman N,Makhija A.The response of competitors to announcements of bankruptcy:An empirical examination of contagion and competitive effects[J].Journal of Corporate Finance,1997,3:367-395.
[13]Firth M.Dividend changes,abnormal returns,and intra-industry firm valuations[J].Journal of Financial and Quantitative Analysis,1996,31:189-211.
[14]Foster G.Intra-industry information transfers associated with earnings releases[J].Journal of Accounting and Economics,1981,3:201-232.
[15]Hertzel M G,Smith J K.Industry effects of interfirm lawsuits:Evidence from Pen-nzoil v.Texaco[J].Journal of Law,Economics and Organization,1993,9(2):425-444.
[16]Hertzel M G,Li Z,Officer M S,et al.Inter-firm linkages and the wealth effects of fi-nancial distress along the supply chain[J].Journal of Financial Economics,2008,87:374-387.
[17]Jarrell G,Peltzman S.The impact of product recalls on the wealth of sellers[J].Jour-nal of Political Economy,1985,93:512-536.
[18]Khanna T,Thomas C.Synchronicity and firm interlocks in an emerging market[J].Journal of Financial Economics,2009,92:182-204.
[19]Lang L H P,Stulz R M.Contagion and competitive intra-industry effects of bankrupt-cy announcements:An empirical analysis[J].Journal of Financial Economics,1992,32(1):45-60.
[20]Porter M E.Competitive strategy:Techniques for analyzing industries and competi-tors[M].New York:Free Press,1980.
[21]Simonin B L,Ruth J A.Is a company known by the company it keeps?Assessing the spillover effects of brand alliances on consumer brand attitudes[J].Journal of Market-ing Research,1998,35:30-42.
[22]Yu T,Lester R H.Moving beyond firm boundaries:A social network perspective on reputation spillover[J].Corporate Reputation Review,2008,11(1):94-108.
引用本文
熊艳, 李常青, 魏志华. 危机事件的溢出效应:同质混合还是异质共存?——来自“3Q大战”的实证研究[J]. 财经研究, 2012, 38(6): 39–48.
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