谁来守护“舌尖上的安全”？——媒体、资本市场与政府协同治理机制研究
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| Title | Who Will Guard Your Safety On the Tongue?
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| 作者 | 周开国 杨海生 伍颖华 |
| Author | Zhou Kaiguo, Yang Haisheng and Wu Yinghua |
| 作者单位 | 中山大学岭南学院 |
| Organization | Sun Yat-sen University |
| 作者Email | zhoukg@mail.sysu.edu.cn；yhaish@mail.sysu.edu.cn；elenayinghuawu@gmail.com |
| 中文关键词 | 食品安全 媒体关注 资本市场 长效机制 |
| Key Words | Food Safety; Media Coverage; Capital Market; Sustainably Effective Mechanism |
| 内容提要 | 基于2004-2012年中国媒体曝光的食品安全事件，本文首次同时从媒体关注和资本市场反应两个视角出发，分短期和长期定量分析了媒体、资本市场和政府对食品安全监督的有效性，并且研究了食品安全事件的行业溢出效应。结果显示：短期而言，大众媒体曝光食品安全事件在资本市场上带来显著为负的超额收益率，而且媒体关注度越高，超额收益率绝对值越大，因此资本市场的激励机制成为监督食品安全的关键力量；长期而言，随着相关政府部门介入事件查处，官方权威媒体深入报道和追根溯源，与资本市场共同作用形成长期监督的力量。据此本文提出，建立媒体、资本市场和政府共同监督、协同治理的长效机制，是守护“舌尖上的安全”的有效模式，并且本文提出三方各自应该发挥的作用，使食品企业“不敢违规、不能违规、不想违规”。另外，本文还发现食品安全事件的行业溢出效应存在竞争效应和传染效应两种形式，具体表现形式决定于媒体报道能否有效降低信息不对称。 |
| Abstract | Based on a sample of food safety events disclosed by the media in China from 2004 to 2012, this paper first examines the effectiveness of food safety supervision and regulation by the media, the capital market and the government together, from the perspective of both media coverage and capital market response, and also investigates the spillover effect. The empirical results show that in the short run a disclosure of food safety event by mass media brings significantly negative abnormal return in the capital market, which becomes an effective mechanism to supervise food safety. However over the long run, with the government getting involved, the government media together with the capital market will form the power for supervision. Hence, establishing a sustainable mechanism with co-supervision and mutual governance by the media, the capital market and the government over food safety is an effective mode to guard our safety on the tongue. Moreover, this paper proposes the respective role of the three parties in the food safety supervision so that the food manufacturing firms don't dare to, don't be able to, and don't want to be out of line. In addition, it is found that the spillover effects may take the form of either competition effect or contagion effect. The specific form depends on whether the media report could reduce the information asymmetry. |
| 文章编号 | WP1007 |
| 登载时间 | 2016-01-05 |
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