使用12家乳制品类上市公司2005-2012年的季度动态面板数据,文章对“三鹿毒奶粉事件“这一产品负面报道的“小冲击,大波动“的金融加速器效应进行了检验,结果发现,在研究的样本范围内,存在金融加速器效应;但金融加速器效应的两个不对称特征与理论本身所揭示的相反,即受冲击时期的资产负债表状况对投资支出影响显著但敏感性弱于其他时期;大公司的资产负债表效应更显著且受冲击时这种效应也很显著。这可能源于产品负面报道的溢出效应不仅带来了传染,也带来了竞争,在危机时期,大公司更倾向于采用竞争策略,夺占问题企业的市场份额。Using quarter dynamic panel data of 12 listed-companies of dairy industry from 2005 to 2012,the paper empiri cally analyzes the small shocks and large fluctuations of the financial accelerator effect of negative reports on product of Sanlu Milk Powder Scandal Event and finds that the financial accelerator is existence but its two asymmetric features are contrary to theoretical expectations.In other words,the influence of balance sheet to investment is significant during the crisis and the sen sitivity is weaker than other periods; Large company's balance sheet effects are more significant and the sensitivity of big com pany's investment to balance sheet is more significant during the crisis,which may result from the spillover effects of product negative reports not to bring contagion effects but effects of competition and in order to seize market share during the crisis,big companies are more likely to adopt competitive strategy.国家自然科学基金项目“跨企业边界的成本协同管理与价值创造驱动因素研究”(70872096); 中国博士后基金项目“产品负面报道的金融加速器效应研究——以不信任情绪蔓延和资产负债表传染为中介变量”(2011M500884); 教育部人文社会科学规划项目“产品负面报道的资产负债表传染的防治研究:ERM-IF下CSR导向内部控制框架构建”(12YJAZH106); 南京审计学院项目“高管层财务决策的走向、贸易信贷及资本结构的链式调整:基于前景理论的分析”(NSK2009/B13); 江苏省2010年“
