违规处罚在民营企业集团内的传染效应研究——以复星集团为例  

The Contagion Effect of Punishment for Regulation Violations in Private Business Groups:A Case Study of Fosun Group

作　　者：余玮[1] 严丹逸 YU Wei;YAN Dan-yi(School of Finance,Shanghai University of International Business and Economics,Shanghai 201620,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620

出　　处：《管理案例研究与评论》2021年第6期660-678,共19页Journal of Management Case Studies

基　　金：教育部人文社科规划基金项目“企业家社会声誉与关系网络对公司社会责任的影响研究”(16YJA630070)。

摘　　要：上市公司若因违规而受到行政处罚,这些违规处罚会对同一企业集团控股的上市公司产生传染效应。以民营企业复星集团为研究案例,以2010至2018年期间控股上市公司的违规处罚公告为切入点,从股价、绩效和盈余管理三个角度,分析探究违规处罚在企业集团内的传染效应。发现:与信息披露相关的违规处罚会给民营企业集团内非违规企业的股价带来明显的负面影响;但是违规处罚对在香港上市成员公司的影响不明显;与信息披露无关的违规处罚则不会在集团内产生股价的传染效应。由于民营企业集团的行业多元化,与信息披露相关的违规处罚对非违规企业的绩效不存在显著的传染效应。违规处罚会迫使集团内的非违规企业改变盈余管理的决策。Listed firms are subject to punishment for violation of regulations,which will also have contagion effects on other member firms controlled by the same business group.This paper explores the contagion effect of punishment announcement in Fosun Group by studying its stock price,accounting performance and earnings management between 2010 and 2018 through a theoretical analysis and case studies.The results show that one firm’s punishment related to information disclosure will have a significant negative impact on the stock price of other member firms in the same business group.The worse the information quality,the more significant the contagion effect.However,this type of punishment has no obvious impact on the other member companies listed in Hong Kong.In addition,the punishment unrelated to information disclosure will not have a contagion effect on the stock price in the group.Due to the diversification of private business groups,there is no significant contagion effect on the accounting performance of other member firms in the same business group.The punishment of violation will force the non-violation member firms to change the decision of earnings management.

关 键 词：违规处罚 传染效应 民营企业集团 复星集团 

分 类 号：F425[经济管理—产业经济]