高新技术企业的股价效应研究——基于美国税改和中美贸易摩擦

The stock price effect of high-tech enterprises--Based on US tax reforms and China-US trade friction

研发能力是衡量企业创新水平和国际竞争力的重要标准之一。我国正致力于提高国家产业研发创新能力,努力实现"中国制造"向"中国创造"的转变。在美国税改和中美贸易摩擦背景下,本文选择2017至2018年高新技术企业和部分非高新技术企业作为研究对象,运用事件研究法,对比分析中国高新技术企业和非高新技术企业在不同阶段的反应和受影响程度。研究结果表明:在美国税改和中美贸易摩擦两个时期,中国高新技术企业的股价均发生了负向波动;中美贸易摩擦负向效应的持续期间逐步缩短,甚至出现积极效应。面对现状,政府应积极采取措施,从营商环境、税收政策等方面,切实提高企业的自主创新能力,增加中国企业的国际竞争力。

Research and development(R&D)capability is one of the important criteria for measuring the level of innovation and international competitiveness of enterprises.Based on the US tax reform bill stage and the stage of China-US trade friction generation and upgrading,this paper selects high-tech enterprises and some non-high-tech enterprises from 2017 to 2018 as research objects,applies the event research method to compare the performance of different companies with different R&D capabilities.The article focuses on the extent to which high-tech enterprises are affected by the US tax reform and the China-US trade friction incident.The results show that the stock prices of China’s R&D-capable enterprises have experienced negative fluctuations;the duration of the negative impact of China-US trade friction has gradually shortened,and even positive effects have emerged.Facing the status quo,the government should take active measures to effectively improve the independent innovation capability of enterprises and increase the international competitiveness of Chinese enterprises from the aspects of business environment and taxation policies.