美国反倾销立案调查对我国上市公司影响的决定因素分析

Analysis on Determinants of Effects of U.S. Antidumping Investigation on Chinese Listed Companies

本文以2001年至2012年间美国对华60起反倾销立案调查涉及的我国475家制造业上市公司为研究对象,采用事件研究法以累积异常收益率来衡量反倾销的负面影响,并研究这种负面影响的决定因素。研究结果表明:企业规模越大,经营业绩越好,股权集中度越高,越有助于上市公司抵御美国反倾销立案调查的负面冲击;而劳动要素密集度越高,直接受到反倾销立案调查指控的上市公司遭受的负面冲击越大;与深交所的上市公司相比,上交所的上市公司遭受美国反倾销立案调查的负面影响更大;东、中、西部上市公司、不同行业上市公司受到该事件的负面影响也存在差异。

Surveying 475 manufacturing listed companies in China which are involved in the U.S. antidumping investigation between 2001 and 2012, this paper applies the event study method to evaluate the negative effect of antidumping with the cumulative abnormal return rate and analyzes the determinants of the negative effect. The results show that companies with a larger size, better operation performance and more concentrated share can better resist the negative effect of the antidumping investigation, and companies that are more labor-intensive and directly accused in the investigation suffered more negative shock. Compared with listed companies in Shenzhen Security Market, listed companies in Shanghai Security Market experienced more negative effect. The negative effect that plagued the listed companies varied among the eastern, central, and western regions.