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文章以中国近年来的乳业危机为背景,利用上市公司数据,从会计盈余价值相关性和股价事件性反应的角度,研究了信任缺失下的逆向选择问题以及政府和行业信任重建的效果。研究发现:(1)乳业危机中,由于公众对乳制品企业的信任缺失,这些企业取得的经营业绩无法得到与其他企业同等的评价,表现为乳制品上市公司会计盈余的价值相关性低于其他食品行业公司,从而可能诱发逆向选择问题,损害乳品产业的发展。(2)政府的制度建设和行业协会的产品推广能够起到信任重建的作用。经过强有力的制度建设,乳制品企业的逆向选择现象逐渐消失,行业协会组织的产品发布会则引起了相关企业股票正向的市场反应。文章的研究有助于企业、政府和公众了解信任缺失的影响和信任重建的效果,而且从会计角度解答经济问题的交叉研究思路和方法也具有较好的创新性。
Based on the dairy crisis in China in recent years, using the data of listed companies, this paper studies the adverse selection under the absence of trust and the effect of trust reconstruction of the government and industry from the perspective of accounting earnings value correlation and stock price event response. The findings are as follows: (1) Due to lack of public trust in dairy companies during the dairy crisis, the operating performance obtained by these enterprises can not be appraised by other enterprises equally. The performance of the listed dairy companies is lower than others Food industry companies, which may induce adverse selection problems, undermine the dairy industry. (2) The construction of the government system and promotion of trade associations can play a role in trust reconstruction. After a strong system construction, the phenomenon of adverse selection of dairy products gradually disappeared. The product launches organized by the trade associations caused a positive market response of the relevant enterprises. The study of the article will help enterprises, the government and the public to understand the impact of the lack of trust and the effect of trust reconstruction, and also have good innovative ideas and methods of cross-cutting research on economic issues from an accounting perspective.