植树节的资本市场影响分析——以林业上市公司股价波动为例

Analysis on the Capital Market Impact of Arbor Day——Taking the Stock Price Fluctuation of Forestry Listed Companies as an Example

文章采用事件研究法和市场模型,以林业上市公司股价波动为例,探析植树节的经济社会影响。研究结果显示,植树节期间林业上市公司股价的累计超额收益显著为正,植树节的节日效应提高了林业公司的股票价格。由于投资者关注度有限,如果当年植树节当日不是交易日,则其上一个交易日市场反应相对冷淡。植树节事件日当日的累计超额收益率逐年递增,说明植树节对林业股票的影响逐年增强,建议通过植树节等绿色热点事件挖掘市场潜力,支撑林业行业发展。

By using the event study,taking the forestry listed company stock price fluctuation as the example,this article explored the Arbor Day’s economic and social influence.The results showed that:the cumulative abnormal returns of listed forestry companies during Arbor Day are significantly positive,and the holiday effect of Arbor Day improves the stock price of forestry companies.Due to limited investor attention,if the Arbor Day is not a trading day,the market reaction on previous trading day is not strong.The cumulative abnormal returns on the day of Arbor Day event increased year by year,indicating that the influence of Arbor Day on forestry stocks increased year by year.It is suggested to tap the market potential and support the development of forestry industry through green hot events such as Arbor Day.