The Analysis On Influence To Value To Yurun Food From"Clenbuterol"

With the concept of building a harmonious society, more and more corporations are being asked to assume their social responsibilities. In January1st2006China released a new company law, which claims companies to undertake their social responsibilities. Every corporation is also starting to focus on the implementation and enforcement of the ideas of social responsibility. How to enhance the awareness of social responsibility and take the initiative to fulfill their social responsibility of the corporations, finally to build a kind of harmonious relations of business to business and enterprise to society, which has become the focus of attention in the whole society.By using the method of event study to analysis2011Clenbuterol’s impact on the value of Yurun and its market, we study the relationship between the social responsibility and its market impact, thus, as a research sample of listed companies, we selected Hong Kong Exchanges and Yurun Food in2011China’s food and beverage industry. Empirical results show that:First, the negative news of corporate social responsibility will impact the stock market performance of the industry. After the incident, the industry excess accumulate decline in earning when the entire stock of food processing industries were impacted on the bad news; Second, due to the impact of the bad news on the listed companies which do not fulfill their social responsibilities, the performance relative to the industry of the stock will be even worse, and is difficult to improve performance in a relatively short time; Third, the bad news of the lack of corporate social responsibility will make the companies which fulfill their social responsibilities companies fulfill their social responsibilities decline in stock returns, but better relative to the industry.