供应链中断对汽车企业股票价格的影响

Effects of Supply Chain Disruption on Stock Prices of the Automobile Industry

文章采用事件分析法对3.11日本大地震引起的日本及中国汽车行业股票价格波动进行分析,通过计算地震发生前后股票异常收益来衡量企业股票价格所受冲击,而回归分析用来研究地震对日本汽车行业股票价格冲击的影响因素。实证结果表明,地震造成的供应链中断事件对股票价格存在显著的负向影响,而中日所受的这种影响程度有所区别;流动比率对地震事件无任何显著影响,而存货周转率和毛利率较高的企业,对地震产生的负向冲击有缓解作用。

This paper uses event study to explore Japan＇ s and China＇ s auto industry stock price fluctuations resulting from the 3. 1 learthquake in Japan. Stock price effects are estimated by computing the abnormal stock returns around the date when the earthquake occurred. Regression analysis is used to identify factors that influence the stock market＇ s reaction to the earthquake. The empirical resuits show that： The supply chain disruption caused by the earthquake is a significant negative impact on stock prices, and the effect in China is different from that in Japan. The current ratio is not a significant effect on this event, but the enterprises with higher inventory ratio and grass margin ratio can relief the negative impact of the earthquake.