危机管理中企业应该第一时间进行信息披露吗?——基于中国上市公司116起危机事件的实证研究  

Should Companies Disclose Related Information at the First Time in Crisis Management?——An Empirical Study based on Chinese listed Firms' 116 Crisis Events

作　　者：罗进辉[1] 黄震[2] 谢达熙 

机构地区：[1]厦门大学管理学院 [2]清华大学经济管理学院

出　　处：《经济管理》2015年第1期43-55,共13页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目"家族内外部所有权结构安排与家族企业冒险行为及绩效研究:基于双重代理理论框架"(71202061)

摘　　要：信息披露与沟通是危机管理的核心内容,故而危机管理又称为危机沟通管理。然而,至于如何进行有效的危机信息披露与沟通管理,人们却知之甚少。鉴于此,本文利用中国A股上市公司在2007年1月1日至2013年9月30日期间发生的116起危机事件为研究样本,从投资者的市场反应视角实证分析了涉事公司信息披露的及时性和详细情况,以及危机应对措施等微观因素对危机事件管理效果的影响。结果发现,涉事公司越早向投资者披露危机事件信息,投资者的负向市场反应越弱,并且这种减轻效果随着危机事件的严重程度增加而增强。此外,涉事公司披露危机事件的经济利益损害信息和启动危机应急预案,会加剧投资者的负向市场反应。这些研究结论表明,面对危机事件企业应该在第一时间进行信息披露,以满足投资者的信息需求,从而更好地把握危机沟通管理中的主动权。In the West, crisis management is also called as crisis communication management, which fully indi- cates the importance of information disclosure and communication with stakeholders in crisis management. However, in the context of China, firms usually choose to hide crisis information or even to deny the existence of crisis at the first time when facing a crisis event. In recent years, the fact that many Chinese coal mining enterprises tried to conceal production safety accident incidents is a typical example. Then, we wonder that whether the traditional method of Chinese enterprises in dealing with crises is the best crisis management practice. In other words, when facing a crisis event, should focal firms disclose crisis information at the first time or try to delay information disclosure？ Yet, so far we know little about how to effectively conduct crisis information disclosure and crisis communication management. In particular, extant literature in crisis management has long focused on the strategic framework level in China. Few studies,if any, have examined whether and how micro processing strategy （ e. g. , disclose detailed economic damage information, announce response plan） may affect the outcome of crisis management. Therefore, this study aims to fill up these research gaps. Using a data set of 116 crisis events happening in Chinese A-share listed companies trom 01/01/2007 to 09/ 30/2013 ,this study empirically explores the roles of several micro factors （e. g. ,timeliness of information disclo- sure, details of information disclosure, response plan） on the effect of crisis management, as measured by short-term market reaction of investors ,i. e. ,cumulative abnormal return （CAR）. We find that investors significantly and neg- atively react to information disclosure announcement of crises. More important, we find that there is a significant and positive relationship between the timeliness of crisis information disclosure and CAR, and this relationship is found to be stronger in severer cris

关 键 词：危机管理 危机沟通 危机信息披露 披露及时性 事件研究 

分 类 号：F276[经济管理—企业管理]