我国沪深股市股票名称的“中国”效应

The“China”Effect of Stock Names in Shanghai and Shengzhen Stock Markets

爱国热情是否会体现在股市上呢?本文从两个方面进行了分析研究。一方面,我们对比了我国沪深股市上股票名称中含有"中国"两字的股票("中国"股票)和不含"中国"两字的股票("非中国股票")的市场表现,发现"中国"股票不仅长期的持有期收益率高,而且上涨持续的时间更久。采用同样隶属于国务院的中央企业作为配对样本,结果仍然稳健。另一方面,我们研究了股票名称中的"中国"两字由更名而来的股票,发现在更名公告的当日和随后两日,更名公告会产生显著的异常收益率。在考虑市场因素和公司因素后,发现股票名称中的"中国"两字仍然对异常收益率构成显著的影响,我们认为这一异常影响来自投资者对"中国"两字的热爱和信任。

Would patriotism be reflected in stock market？ This paper studies this issue from two aspects. One, we compare the market performance of the stocks with ＂China＂ and ＂non-China＂ in the names in Shanghai and Shengzhen stock markets. We discover that the market performances of ＂China＂ stocks are evidently better than ＂non-China＂ stocks with higher long term buy-and-hold returns and more persistent rise in prices. Compared the stocks with ＂non- China ＂names, but also controlled by the Center Government, we get robust results. From another perspective, we study the stocks which change their names from ＂non-China＂ stocks to ＂China＂ stocks. We discover that on the rename day and the following two days, the rename announcements would produce evident abnormal returns. Considering the market and corporate issues, ＂China＂ in the names still has an evident impact on abnormal returns. Obviously, the abnormal returns come from love and trust of Chinese investors in ＂China＂.