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本文主要通过利用事件研究法来研究塑化剂事件对白酒行业相关上市公司的股价造成的冲击。通过运用市场模型来估计白酒相关上市公司的平均异常收益率(AR)与累计平均异常收益率(CAR),结果表明,随着塑化剂事件披露日期的临近,白酒行业总体的平均异常收益率(AR)负向偏离0收益率逐步加大,同时累计平均异常收益率(CAR)也以更大的幅度负向增大。这表明越临近塑化剂的公布日期,塑化剂事件对白酒行业产生的负向冲击更大。同时,本文通过研究分析事后窗口期内白酒行业总体的平均异常收益率(AR)与累计平均异常收益率(CAR),还发现塑化剂事件对白酒行业的负向影响具有较长时间的持续性。
This article studies the impact of plasticizer events on the stock prices of listed companies in the liquor industry by using event research methods. The average abnormal return (AR) and cumulative average abnormal return (CAR) of liquor-related listed companies were estimated by using the market model. The results showed that with the approaching date of plasticizer disclosure, the average abnormal return rate of liquor industry (AR) negative deviation from 0 gradually increase the rate of return, while the cumulative average abnormal return rate (CAR) also increased negatively with greater magnitude. This shows that the closer the plasticizer release date, the plasticizer event has a greater negative impact on the liquor industry. At the same time, this paper analyzes the average abnormal return (AR) and cumulative average abnormal return (CAR) of the liquor industry in the post-window period through the research and analysis, and also finds that the negative impact of the plasticizer event on the liquor industry lasts for a long time Sex.