企业产品质量与资本市场稳定——基于《ISO9000质量管理体系》的视角  

Enterprise Product Quality and Capital Market Stability:Based on the Perspective of"ISO9000 Quality Management System"

作　　者：王嘉鑫 陈今 Wang Jiaxin;Chen Jin(School of Accounting,Zhongnan University of Economics and Law;School of International Business,University of International Business and Economics)

机构地区：[1]中南财经政法大学会计学院 [2]对外经济贸易大学国际商学院

出　　处：《南开管理评论》2024年第6期149-159,共11页Nankai Business Review

基　　金：国家自然科学基金项目(72472157、72102229);中南财经政法大学研究生教学教改项目专项资金项目(YRTD202419)资助。

摘　　要：当前,中国实体经济运行面临的主要矛盾仍然在供给端,即供给结构不能适应需求结构变化,产品质量供给难以满足高标准、多层次市场需求。实体经济是金融发展的根基,作为实体经济建设的主攻方向,提高产品质量能否为资本市场稳定保驾护航,亟待深入研究。本文基于《ISO9000质量管理体系》构建了企业产品质量指标,以股价崩盘风险为切入点,分析了企业产品质量对维护资本市场稳定的影响。研究发现,企业产品质量的提升能显著降低企业股价崩盘风险。异质性检验发现,企业产品质量对崩盘风险的抑制作用在国有企业、高市场竞争行业及高市场化水平地区中更为显著。进一步的机制检验发现,企业产品质量可通过提升经营稳定性、改善信息披露效果和促进声誉传递降低股价崩盘风险。经济后果检验表明,企业产品质量对股价崩盘风险的抑制效应有助于提升企业价值。本文拓展了产品市场与资本市场的交叉研究,为推进高质量发展、助力资本市场稳定提供了经验证据和政策参考。At present,the main contradiction in the operation of Chinese real economy is still on the supply side,that is,the supply structure cannot adapt to the changes in the demand structure,and the supply of product quality cannot meet the high-standard and multi-level market demand.Product quality is related to the well-being of people's livelihoods,and as a key factor in the high-quality development of Chinese economy,the safety and stability of the product market is also the basis for unimpeded internal circulation of consumption,the construction of a new pattern of development,and the promotion of common prosperity.In recent years,product quality accidents in the food and pharmaceutical industries have come to light from time to time,disrupting the real economy and the order of the financial market to a certain extent,and triggering widespread concern about product quality in all sectors of society.How to achieve the measurement of the quality of enterprise products is a long-standing problem that has plagued the academic community.IS09000 is the world's first series of international standards for quality management and quality assurance issued by ISO in 1987.The standard absorbs the quality philosophy of the PDCA cycle,the use of international advanced quality management methods,showing universality and strong guidance,since its inception,more than 160 countries have been directly adopted or equivalent to the corresponding national standards.China converted the ISO9000 standard into a national standard in 1992,and as of the end of 2018 more than 400,000 units have passed IS09000 certification.The standard is internationally interconnected and widely used in China,which can establish the trust of consumers and investors,bring the correlation between the product market and the capital market closer,and achieve a more authoritative measurement of the quality of the enterprise's products.Therefore,this paper adopts the ISO9000,a mature application of the implementation of the standard to build the enterprise product q

关 键 词：企业产品质量 资本市场稳定 股价崩盘风险 ISO9000 

分 类 号：F273.2[经济管理—企业管理] F832.51[经济管理—国民经济]