交叉上市公司社会责任缺陷披露的市场反应——基于紫金矿业突发渗漏环保事故的案例研究

伴随着工业化进程加快,社会责任缺失现象日益严重,各类企业违法违规事故层出不穷,其中不乏国有大型控股公司,这种现象引起了投资者、监管机构等利益相关者的广泛关注。在此背景下,研究资本市场对上市公司社会责任缺陷披露的反应具有重要的理论意义和现实意义。本文以交叉上市的紫金矿业为例,采用事项研究法,检验了A股和H股市场对紫金矿业集团股份有限公司发布的一系列有关紫金山铜矿湿法厂污水池突发渗漏环保事故重要公告的市场反应,并比较了两地市场对同一公告的反应差异。研究发现:两地市场对重大事故公告均提前预知并呈负面反应,在公告前A股市场反应程度大于H股市场,公告发布后H股市场投资者更加敏感;两地市场对董事会(临时)决议公告呈正面反应,但H股市场投资者更加谨慎;对处罚公告两市反应不同,A股市场未对处罚公告作出反应,H股市场对处罚公告呈负面反应;总体而言,H股市场与A股市场反应程度存在显著差异。

Market Reaction to Social Responsibility Defects Disclosure of Cross-listed Companies:Based on the Case of Unexpected Leakage Environmental Accidents of Zijin Mining Group Co.Ltd

With the accelerated process of industrialization,lacking social responsibility is an incneasingly serious problem,and accidents of violations of law frequently take place in all types of companies including large state-owned companies.The phenomenon has aroused attention of investors,regulators and other stakeholders. In this background,the study of the capital market reacting to social responsibility defects disclosure of listed companies has the important theoretical and practical significance.The paper uses the event study method to test the A-share and H-share market’s reaction to the event that Zijin Mining Group Co.,Ltd.released a series of important announcements of cesspools’ sudden leaking,and to compare the different reactions of the two markets facing the same notice.The paper drew the conclusion that both of the two markets reacted ahead of the announcement of the major accident and showed a negative reaction.Before the announcement,the reaction extent of A-share market was greater than that of H-share market.After the announcement,investors of H-share market were more sensitive.The two markets both displayed a positive reaction to the temporary resolution of Board of Directors,but H-share market investors were more cautious.The two markets responded differently to the penalty notice.A-share market did not react to the penalty notice,while H-share market displayed a negative reaction to the penalty notice.In general,H-share market and A-share market were significantly different in the degree of reaction.