食品安全监督机制研究: 媒体、资本市场与政府协同治理

Based on a sample of food safety events disclosed by the media from 2004 to 2012, this paper examines the effectiveness of food safety regulation by the media, capital market as well as government, from the perspective of 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 for the involved firms. The more the media coverage, the larger the shareholder loss. The mass media becomes an effective mechanism to supervise food safety. In the long run, with the government getting involved, the government media cooperating with the capital market will form the power for supervision. Hence, establishing a sustainable mechanism with collaborative governance among the media, capital market and government is an effective mode for the food safety regulation. Moreover, this paper proposes the respective roles of the three parties so that the food manufacturing firms don't dare to, don't be able to, and don't want to be out of line. Besides，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.