声誉事件对商业银行市场价值的影响  

The Impact of Reputation Events on Market Value of Commercial Banks

作　　者：陆静[1] 胡晓红[1] 王萌[2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030 [2]同济大学经济与管理学院,上海201804

出　　处：《上海金融》2013年第4期69-73,118,共5页Shanghai Finance

基　　金：国家自然科学基金(71232004;71272085);国家社会科学基金(09BJL024);教育部人文社会科学基金(12YJA630135)资助

摘　　要：声誉是商业银行不可或缺的信用基础和无形资产。本文采用事件研究法,选取2000-2012年期间媒体公开报道的16家中国上市银行声誉事件披露前后股票的市场反应,研究了声誉事件对银行市场价值的影响。研究表明,负面声誉事件主要与银行产品有关,而正面声誉事件主要与银行获得各类奖励有关;负面声誉事件将导致公告日银行股票显著的负超额收益,正面声誉事件将导致公告日银行股票显著的正超额收益,说明市场对银行声誉的提升和下降有明显反应,商业银行及其监管部门必须认真对待声誉事件,并采取有效措施降低负面声誉事件的影响。The reputation is the indispensable basis of credit and intangible assets for commercial banks.This paper uses event study method,and selects the stock market reaction before and after the disclosure of reputation events of 16 listed Chinese banks during 2000-2012 to research the impact of reputation events on market value of banks.The study shows that negative reputation events are always related to bank's products while positive reputation events are always related to rewards gained by banks.It also shows that negative reputation events could result in the abnormal negative returns of banks while positive reputation events could result in the abnormal positive returns of banks on the announcement days,indicating that the market is sensitive to the up and downs of bank's reputation.Banks and regulatory authorities have to take the reputation events seriously and take effective measures to reduce the impact of negative reputation.

关 键 词：声誉 商业银行 事件研究法 资本市场 

分 类 号：G10[文化科学]