中文摘要：

文章以中国近年来的乳业危机为背景,利用上市公司数据,从会计盈余价值相关性和股价事件性反应的角度,研究了信任缺失下的逆向选择问题以及政府和行业信任重建的效果。研究发现：（1）乳业危机中,由于公众对乳制品企业的信任缺失,这些企业取得的经营业绩无法得到与其他企业同等的评价,表现为乳制品上市公司会计盈余的价值相关性低于其他食品行业公司,从而可能诱发逆向选择问题,损害乳品产业的发展。（2）政府的制度建设和行业协会的产品推广能够起到信任重建的作用。经过强有力的制度建设,乳制品企业的逆向选择现象逐渐消失,行业协会组织的产品发布会则引起了相关企业股票正向的市场反应。文章的研究有助于企业、政府和公众了解信任缺失的影响和信任重建的效果,而且从会计角度解答经济问题的交叉研究思路和方法也具有较好的创新性。

英文摘要：

Based on the dairy crisis in China recently and the data of listed companies,this paper studies the problem of adverse selection under lack of trust and the effect of trust reconstruction conducted by governments and industry associations from the perspectives of value relevance of accounting earnings and event reaction of stock prices.It arrives at the following findings：firstly,in the dairy crisis,because of lack of public trust in dairy firms,their business performance could not obtain evaluation equivalent to other firms,showing that value relevance of accounting earnings in dairy listed companies is lower than companies from other food industries and thereby probably inducing adverse selection and hurting the development of dairy industry;secondly,government institution construction and product promotion of industry associations can play a role in trust reconstruction.Through powerful institution construction,the adverse selection phenomenon in dairy firms constantly disappears and product launches organized by industry associations lead to positive market responses of relevant firm stocks.It helps firms,governments and the public to understand the effects of lack of trust and the effectiveness of trust reconstruction,and cross study ideas and methods,namely the test of economic issues from an accounting perspective,have sound innovation.