上市公司对外反倾销价值测度研究

Research on the effectof Chinese anti-dumping on the value of listed companies

借鉴事件研究法测度了我国对外反倾销事件中立案、初裁及终裁各环节对涉案上市公司价值的影响。研究发现:对外反倾销事件总体上对上市公司价值产生了实质性的正面冲击,终裁事件对上市公司的正面影响更强烈、更持久,而初裁事件的积极影响在资本市场上更早被投资者预期。同时,我国对外反倾销事件对涉案上市公司价值的影响存在行业差异与市场差异。与钢铁行业相比,化工行业上市公司受到的正面冲击更直接、更强烈;上交所上市公司对反倾销事件更敏感,但深交所上市公司能在短期内迅速消化反倾销事件带来的巨大冲击。由此,提出了优化对外反倾销制度的政策建议,以期进一步强化和完善企业的反倾销申诉与执行机制。

The method of event study is employed to measure the effects of Chinese anti-dumping on the value of listed companies. The study finds that the grosss effect is positive, and that in the process of anti-dumping, the influence of final anti-dumping measures is much more intense and durable, while the impact of preliminary anti-dumping is expected earlier by investors in the capital market. Meanwhile, differences exist in the effects of Chinese anti-dumping on corporate value in various industries and markets. Compared with that on the steel industry, positive impact on the chemical industry companies is more direct and intense. The Shanghai Stock Exchange listed companies are more sensitive, while the Shenzhen Stock Exchange listed companies can quickly digest the huge positive impacts in the short term. Thus, the present essay presents the policy proposals to optimize anti-dumping system, with which we could strengthen and improve the anti-dumping complaint and enforcement mechanisms of enterprises.