孔东民1,王玉苗1,石路2.强制责任保险能降低食品行业的股价崩盘风险吗?[J].南京审计学院学报,2021,(5):
强制责任保险能降低食品行业的股价崩盘风险吗?
  
DOI:
中文关键词:  食品安全责任强制保险  股价崩盘风险  业绩波动  道德风险  外部监管  公司治理  信息不对称
英文关键词:compulsory food safety liability insurance  risk of stock price collapse  performance fluctuation  moral hazard  external supervision  corporate governance  information asymmetry
基金项目:国家社会科学基金重大项目(21ZDA010);国家自然科学基金面上项目(71772178)
作者单位
孔东民1,王玉苗1,石路2 1.华中科技大学 经济学院湖北 武汉 4300742.武汉理工大学 管理学院湖北 武汉 430070 
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中文摘要:
      利用中国食品安全强制责任保险制度的外生冲击,实证探究强制责任保险制度的实施对股价崩盘风险的影响。研究发现:基于保险机构的监管效应,强制责任保险制度的实施通过加强食品生产监管降低经营业绩波动,显著降低食品上市公司的股价崩盘风险;而且该政策效应在非国有上市公司、机构投资者持股较少以及信息不对称较高的上市公司更加显著。由此表明,公共与私营部门所形成的共同监管机制能有效加强食品安全监管。
英文摘要:
      Using the exogenous impact of China’s food safety compulsory liability insurance system, this paper empirically explores the impact of the implementation of compulsory liability insurance system on the risk of stock price collapse. It is found that based on the regulatory effect of insurance institutions, the implementation of compulsory liability insurance system can significantly reduce the stock price collapse risk of food listed companies by strengthening the supervision of food production and reducing the fluctuation of operating performance. Moreover, the policy effect is more significant in non-state-owned listed companies, listed companies with less shares held by institutional investors and listed companies with serious information asymmetry. Overall, this study presents that the joint supervision mechanism formed by the public and private sectors can effectively strengthen food safety supervision.
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