中文摘要：

国外学者对劳资和谐问题有着长期而深入的研究,国内的相关研究似乎局限于法学领域,鲜有从经济学和财务学角度进行分析。以上海望春花实业股份有限公司为对象,分析了望春花停工事件对企业短期和长期价值的影响。首先采用Difference in Difference方法,对望春花停工前后公司主要财务指标进行分析,初步确定停工对公司财务表现的影响;然后通过停工发生日和复工日前后短期的市场超额累计回报率指标分析市场对停工的反应。结果表明,停工在短期内对公司价值有负面影响,并且市场能够及时对停工事件做出反应。但从长期来看,停工在一定程度上推动了公司战略转型,促进了公司价值提升。研究为正处于经济转型的中国企业劳资关系管理提供实证借鉴。

英文摘要：

Foreign scholars have a long and in-depth research on the labor issues,however,the domestic research seems to be limited to the field of law and there is little research to address this issue from the economic and financial point of view. Taking Wangchunhua as an example,this study analyzes the impact of its stoppages on the short-term and long-term firm value. First,we apply the difference-in-difference method for the analysis of the company＇s main financial indicators before and after the work stoppage and identifies the effect of the corporate work stoppage. Then we analyze the market response to the stoppage with the short-term market cumulative return index from the stoppage date and its ending date. The results show that,in the short term,the stoppage has a negative impact on the value of the company,and the market is able to react in time to the stoppages.However,in the long run,the stoppage to a certain extent promotes the company＇s strategic transformation and increases the corporate value. This study provides an empirical reference for the labor relationships in the economic transformation of China.