新能源政策对上市公司股价影响的实证研究

Testing of New Energy Policy on Energy Stock Prices

中国目前正在快速发展新能源——新能源在帮助中国完成经济转型,实现能源安全的过程中发挥了巨大的作用。主要集中研究新能源政策的颁布如何影响上市公司的股价。以新能源上市公司为样本,分析在2008—2010两年间我国推出的两个国家级新能源政策对公司的影响。主要采用事件研究法,并期望找到支持政策变动导致公司利润增加的相关解释。研究结果表明,上市能源公司股票价格对于国家政策的颁布具有显著反应。这表明中国新能源产业受政策刺激效果明显,政策效应在短期内可从实体经济传导至相应的股票市场。

New energy is helping China complete its economic transformation and achieve energy security.China has rapidly moved along the path of renewable energy development.Research has typically focused on theories explaining how new energy policy influences companies＇ profits.the effect caused by the policy by examining the stock price reaction to the two policies introduced by the central government for 29 firms during 2008—2010 is estimated.This with the event study method and find support for the profits gain interpretation is tested.The results show that listed energy companies have significant response to national policies.It indicates it is obvious for China to stimulate the new energy industry in policy.Policy effects can be transferred from the real economy to corresponding share market in the short-term.