Economic Consequences of Media Exposure of Product Quality Issues: Master Kong at the 315 Gala

In recent years, product quality issues frequently exposed by the media have become a major threat to corporate reputation and sustainable development. Although scholars at home and abroad have conducted extensive research on product safety issues, a considerable portion of the literature focuses on conceptual exploration or macro-level impact analysis. In-depth empirical research on specific crisis events, especially systematic analysis combining market, financial, and non-financial perspectives, is still insufficient. In order to make up for this research gap, this paper selects the representative and social sensational Master Kang, who was exposed to the pickled Chinese cabbage event in the mud pit on the 315 Gala as a typical case. Based on detailed event window data and company financial reports, this article focuses on short-term market reactions such as stock price fluctuations and changes in consumer trust caused by the event, short-term financial performance changes reflected through financial indicators, and a series of non-financial effects. It explores the multidimensional economic consequences of media exposure of product quality issues on enterprises from multiple perspectives, and provides suggestions for enterprise risk management and crisis response.