CEO声誉冲击事件对公司股价的影响案例的分析.pdf

I 摘要 CEO声誉如同产品的品牌一样,它的良好与否与知名程度会最终影响到企业价值。而如今,微博等新型媒体的发展与推广充分展现了微信息时代的特点——及时性、分享性、开放性、灵活性,通过微信息的传播,CEO声誉冲击事件的发生会迅速反映在公司股价上。而CEO声誉冲击事件是如何影响公司的股价?影响程度又是多少?对这些问题的研究具有十分重要的实践意义,有利于指导企业的管理者、利益相关者以及证券市场的投资者如何在CEO声誉发生变化时作出更合理的决策。因此,本文在声誉相关理论的基础上,结合微信息时代的特点,以案例分析的形式研究CEO声誉冲击事件对公司股价的影响,采用事件研究法从负面冲击事件和正面冲击事件两个方面进行实证分析,并选取了唐骏“造假门”事件作为负面冲击事件,陈利浩“微博转发捐款”事件作为正面冲击事件,分别对两个案例进行实证研究,并作对比分析。研究结果表明,1)无论是正面事件还是负面事件,对公司股价都有显著的影响,即CEO声誉受到负面事件的冲击下,公司股价呈现负向波动,累计超额收益率呈下降趋势;CEO声誉受到正面事件的冲击下,公司股价呈现正向波动, 累计超额收益率呈上升趋势。2)“微博转发捐款”事件在事件公告日前并未被市场知晓,事件公告当天市场反应剧烈,之后被市场慢慢消化,股价呈上升趋势, 并具有一定持续性。3)“造假门”事件在事件公告前一天存在信息泄露,部分市场投资者做出相应的反应。而在事件公告的当日,信息完全公开,市场产生了强烈的反应,股价呈持续下跌趋势。4)“造假门”事件的累计超额收益率在事件公告第三天达到最低值,而“微博转捐款”事件在事件公告第四天达到最高值,说明市场对负面事件吸收更快。并且通过累计超额收益率变化率比较,发现市场对负面事件产生的股价反应更加剧烈。关键词:CEO声誉冲击事件,公司股价,微信息,事件研究法 II Abstract CEO's reputation likes a product brand. Whether the reputation is good or not, it will eventually affect the enterprise value, and will be ultimately reflected in the corporatestock price. Nowadays, promotion and development of emerging media such as micro-blogshows the characteristics of the micro-information age,timeliness, sharing, openness, flexibility. With the spread of micro-information, CEO's reputation shock event will be reflected in the corporatestock price. How is CEO's reputation shock event to affect the corporatestock price? How much is the degree of the influence ? The study of these problems has very important practical significance. It will guide CEO, shareholders, investors to make reasonable decisions. Research is presented in this paper, on the basis of relevant theories, combining with the characteristics of the information age, in the form of case study, using event study from two aspects of negative reputation and positive reputation for the empirical analysis, and selected the Tang "fraud door" event as a negative reputation case, Chen "micro-blog forwarding donation" even