PPP政策对PPP板块上市公司的影响效应——基于A股市场PPP板块股票价格与公司价值

The Impact of PPP Policy on Listed Companies of PPP——Based on the Stock Price and Corporate Value of PPP Sector in A-share Market

本文采用2014～2016年PPP板块上市公司的股价及财务指标数据,运用事件研究法分析国内各类PPP政策公布对A股市场PPP板块上市公司股票价格及公司价值的影响效应。结果显示:PPP板块上市公司股价对于PPP政策反应积极、显著;激励性PPP政策公布对PPP板块上市公司的盈利能力、成长能力、营运能力指标具有显著提升作用。结果也表明,近年来各式鼓励性PPP政策的系列公布不仅对PPP板块上市公司短期股价有提升效应,其对相关PPP板块上市公司的长期价值也有明显的正向影响。

In this paper,the stock price and financial index data of PPP listed companies from 2014 to 2016 are used to analyze the effect of domestic PPP policy on the stock price and corporate value of listed companies in A-share market.Our empirical results show that the price of listed companies in PPP sector is positive and significant for PPP policy.The incentive PPP policy has a significant effect on the profitability,growth ability and operational capability of listed companies.The results of our research also show that in recent years,a series of encouraging PPP policy not only has a positive effect on the short-term stock price of listed companies in the PPP sector,but also has a positive positive impact on the long-term value of listed companies.