- 期刊
食品安全事件關注對於味全公司股票影響：頂新案個案研究
The Impact of Food Safety Events Attention on Wei-Chuan Company Stock: A Case Study of the Ting-Hsin Oil Crisis
摘要
二○一三年十月起頂新集團在一年內發生三起油品食品安全事件，造成形象嚴重受損，甚至波及頂新集團其他產品，本研究欲透過反企業社會責任關注程度來探討股票交易量、價格及營收表現之影響，並使用「食安」、「味全」及「股票代號」代表食品產業層面的關注、公司層面關注及投資者關注，以研究不同事物之關注程度的影響，實證結果發現無論對社會事件、公司及投資者的關注都會影響股票交易量及股價表現，然而真正影響股價表現是企業被關注的而非社會事件；在事件期間投資者關注對於股票報酬率呈現負向關係，但在其他變數被控制下，投資者關注對於股票報酬率之正向關係獲得部分支持；而透過社會關注程度分析對於公司營收表現之預測亦獲得部分支持，值得注意是社會關注會直接影響股價表現，營收表現並非公司股價表現之中介變數，證實股價受獲得的信息影響；最後，隨著公眾意識的增強，企業不負社會責任將受到負面關注，並影響公司股價及營收表現。
並列摘要
Since October 2013, three representative food safety events are happened by Ting-Hsin Group within a year. Then relevant personnel were acquitted in Ting-Hsin tainted oil case. Ting-Hsin Oil Crisis raise the public anger and let Taiwanese government make more serious rules of the act governing food sanitation. We investigate the impact of Wei-Chuan company stock in this period. Whether the public attention of food safety events influence the stock trading volume, price performance and revenue performance. We study the public attention with three aspects: attention for the event (food safety and problem oil), for Wei-Chuan company and investor attention and explore the relationship between the public attention and stock volume, prices and revenue performance. All of the public attentions affect stock trading volume and stock price performance. However, the real impact of stock price performance is the attention for company rather than the event itself. With controlling other variables, the result is partially supporting that investor attention produce the positive stock returns. The public attention predicts partially the company's revenue performance. However, revenue performance does not affect the company's stock price performance. Instead, the public attention directly affects stock price performance, that is, stock prices will be affected by the information obtained. In particular, the stronger the public attention, the more obvious the impact on stock price performance. This result is consistent with other studies. Internet search volume is one of the reasonable indicators of stock price forecast. Finally, corporate social irresponsibility will receive negative attention and affect the company's stock price and revenue performance.