多地资本市场对企业海外社会责任事件的反应研究——基于中铝秘鲁特罗莫克铜矿环境事件的研究被引量：3

A Study on the Response of Multiple Capital Markets to Enterprises' Overseas Social Responsibility: Case Study on the Overseas Social Responsibility Events of China Aluminum Industry

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摘要随着大量中资企业"走出去",企业的海外社会责任问题日益显现并引发了关注。选取三地上市企业——中国铝业作为研究对象,运用事件研究法,分析了A股、H股、N股市场对中铝特罗莫克铜矿环境事件的反应情况。研究结果表明不同资本市场对海外社会责任事件的反应存在差异,A股波动剧烈,H股趋势平稳,N股精准及时。并且进一步发现,股权结构会影响资本市场对企业社会责任事件的反应程度,这一点在H股市场表现得特别明显。在制度建设和舆论引导的作用下,我国资本市场对企业社会责任的惩戒机制已经基本形成。 As a large number of Chinese enterprises Going abroad. The overseas corporate social responsibility problem cause increasingly attention. This article selects Chinalco which listed in three areas of the capital market as the research object, using the event study method, analysis A shares market, H shares market and N shares market＇s reaction to the Chinalco Toromocho Copper Environment Event. The results show that the different capital markets have different response to the overseas social responsibility events. In specific capital market the volatility of A shares market is very severe, H shares market have a relatively stable trend, N shares market is accurate and timely. Further study found that the ownership structure also affects the capital market reaction to corporate social responsibility, which is particularly evident in the H share market. By comparing the recent ten years＇ scholars, it is found that, under the action of the system construction and public opinion guide, China＇s capital market＇s punishment mechanism of corporate social responsibility has been basically formed.

作者王昶敬章洲

机构地区中南大学商学院

出处《金融理论与实践》北大核心 2016年第6期59-63,共5页 Financial Theory and Practice

基金国家社会科学基金重大项目"基于国家金属资源安全视角的城市矿产开发利用研究"(14ZDB136) 国家社会科学基金项目"我国工业化中后期稀有金属资源安全态势与供给保障机制研究"(13BGL105) 国家社会科学基金青年项目"产业链视域下我国‘城市矿产’产业发展研究"(13CJY029) 人文社会科学研究项目(10YJC630229)

关键词多地资本市场海外社会责任事件研究法市场反应 multiple capital markets overseas social responsibility event study market response

分类号 F830.91 [经济管理—金融学]

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