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中文摘要：
以三鹿事件所引发的乳业危机为背景，本文首次提供了信息传染效应在我国证券市场中存在的经验证据。研究表明，在一个（-1，＋1）的事件窗口内，食品行业中的非乳业上市公司遭受了一个平均为-2．369％的非正常损失。进一步的，本文发现股权集中度的提高可以减少由于负面信息传染给公司造成的非正常损失，但董事会的特征却与信息传染效应的程度没有显著的联系。本文的研究有助于对我国证券市场中投资者决策行为的理解，也有助于上市公司信息披露的实践。
英文摘要：
the background paper evidence for the of the recent dairy crisis, we existence of an information provide for the first time in this contagion effect in the Chinese securities market. We find that the average abnormal return is -2.369 per cent for nondairy-listed companies in the food service industry in a （-1, ＋1） case window. Further analysis indicates that a negative cumulative abnormal return （CAR） could be reduced by enhancing the concentration of ownership. The CAR does not, however, have any significant relation to the characteristics of the board of directors. This study contributes to understanding the decision-making behaviour of investors and the disclosure practices of listed companies in China.
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