农业政策对农业上市公司股票价格的影响研究

Effects of Agricultural Policy on Shares Prices of the Agricultural Listed Companies

从行业的角度出发,以农业上市公司为样本公司,运用事件研究的方法,分析了我国第9、10、11个一号文件以及十七届三中全会的惠农政策的发布对农业上市公司股票价格的影响。研究结果表明:涉农上市公司股票价格对国家一号文件的颁布存在着显著的反应,说明国家在农业方面给予政策的扶持是很有效的;政策的效应能在短期内从实体经济传递到相应行业的股票市场;对十七届三中全会惠农政策的效应研究,没有发现预期的反应。

Taken agricultural listed companies as samples,this paper uses events study to analyze the influence of 9,10,11 No.1 files and the policy released by Third Plenary Session of the Seventeenth Central Committee on stock prices of agricultural listed companies.Research results show that agriculture listed companies have significant response to national No.1 documents.It indicates it is obvious for agricultural countries to contribute in policy.Policy effects can transfer from real economy to corresponding profession the stock market in the short-term.However,there is no expected response to the policy which is released by Third Plenary Session of the Seventeenth Central Committee.