中文摘要：

通过五粮液公司的案例分析了上市公司发生丑闻时对同行竞争者产生的溢出效应,总体来说,五粮液公司被调查给白酒行业带来了传染效应,导致竞争者的股票价格下降。通过考察公司的治理结构发现,白酒行业的公司治理普遍较弱,与实际发生的传染效应相一致,其中部分竞争者的股票价格上升,显示出竞争效应。通过比较同行间公司治理质量的差异发现,公司治理较差的公司受到负面传染效应的影响,而公司治理较好的公司受到正面竞争效应的影响。

英文摘要：

This paper investigates intro-industry effects of corporate scandals from the case of Wuliangye being investigated by CSRC in September 2009.Generally speaking,Wuliangye＇s being investigated has contagion effect on competitors,and competitors＇ stock prices declined during the event windows.The authors find that governance structure is weak in the liquor industry,consistent with the contagion effect and further find that some competitors＇ price rose,showing competitive effect.Then,the authors compare the quality of corporate governance and find that firms with poor corporate governance are more likely to be affected by contagion effect while firms with good governance are more likely to be affected by competitive effect.