光伏产业扶持性政策有效吗——来自中国股市的证据

Do the Supportive Policies for Photovoltaic Industry Work?——Evidence from Chinese Stock Market

2012-2013年,为了应对中国光伏产业内外交困的局面,连续两届政府均制定了促进光伏产业发展的相关政策,然而这些政策的合理性却存在很多争议。这些政策是否有效?本文选取A股光伏产业上市公司为样本,通过事件研究法考察政策出台前后相关公司股票的市场表现,从这一角度检验政策的效果。研究发现,市场对不同政策的反应并不相同;本文进一步分析了产生不同反应的原因与作用机理,并以相应的行业数据做了进一步证明。

From 2012 to 2013,the two successive governments made the relevant policies for promoting the development of photovoltaic industry in order to deal with the inside and outside difficult situation of Chinese photovoltaic industry. However,there is controversy about the rationality of these policies. Do these policies work? This paper chooses the listed companies of A-share photovoltaic industry as sample and uses event study methods to examine the market performance of the relevant companies' stocks before and after these policies are published and test the effects of the policies from this perspective. The research finds that the market has different reactions to different policies. This paper further analyzes the causes for different reactions and role mechanism. and further proves by using the corresponding industrial data.