新能源汽车财务与非财务消息对股市影响的多维特征及差异

Multidimensional Characteristics and Differences of the Impact of Financial and Non-financial News on New Energy Vehicles Stock Market

新能源汽车股市是投资者对公司财务绩效、政策导向、技术水平和发展前景等多方面因素综合反应的结果。将新能源汽车产业相关消息分为"财务"和"非财务"消息,应用事件研究法从"敏感性""、强弱性"和"持续性"三个维度分析了财务与非财务类消息对于新能源汽车股市影响的差异性。结果表明,新能源汽车非财务类消息对于股市表现影响的强度和持续性相对更显著。新能源汽车非财务类消息中的政策、市场消息对于股市表现影响的敏感性要高于技术消息,政策、技术消息对于股市表现影响的强度明显高于市场消息,技术消息对于股市表现影响的持续性明显优于政策和市场类消息。新能源汽车产业的政策扶持不应仅仅关注现阶段新能源汽车制造商的财务指标,更应高度关注新能源汽车制造商的创新能力。制造商要进一步加大新能源汽车的研发投入,通过资本市场的合理融资促进新能源汽车技术创新和长期盈利能力提升。

The stock market performance of the new energy vehicle industry is the result of a comprehensive response from investors to financial performance, policy orientation, technology level and development prospects. This paper divided the news related to the new energy vehicle industry into "financial" and "non-financial" news, and used the event study method to analyze the different effects on the stock market performance from the three dimensions of "sensitivity", "intensity" and "sustainability". The results show that the non-financial news of new energy vehicles has a more significant impact on the intensity and sustainability of the stock market performance. In the non-financial news of new energy vehicles, the sensitivity of policies and market news to stock market performance is higher than that of technical news. The intensity of policy and technical news on stock market performance is significantly higher than market news. The persistence of technical news on stock market performance is significantly better than policy and market news. The policy support of the new energy vehicle industry should not only focus on the current financial indicators of the company, but also on the innovative ability of manufacturers. Manufacturers should increase R&D investment in new energy vehicles and promote technological innovation and long-term profitability through reasonable financing in the capital market.