“一带一路”倡议提出的股票市场反应--基于企业对外投资视角的研究

The Stock Market Reaction of the Proposal of the“Belt and Road”Initiative--A Research from the Perspective of Firm OFDI

本文以A股上市公司为研究样本,利用事件研究法研究"一带一路"倡议提出的股票市场反应。研究结果表明,在"一带一路"倡议提出后,"一带一路"倡议提出前存在对外投资的企业以及对外投资中面临较高政治风险的企业,其股票市场反应显著为正。按照产权性质进行分样本检验发现,在"一带一路"倡议正式提出时,存在对外投资企业显著为正的累计超额回报主要体现在国有企业样本中;在《愿景与行动》发布时,存在对外投资企业显著为正的累计超额回报主要体现在非国有企业样本中。

Taking A-share listed firms as samples,the authors use the event study method to analyze the stock market reaction of the proposal of the"Belt and Road"initiative(BRI).The results of the paper show that,after the proposal of BRI,the firms having OFDI before BRI and facing high political risks have significantly positive stock market reaction.Dividing the samples into two groups based on ownership,the test shows that the samples of state-owned OFDI firms have significantly positive cumulative-abnormal-returns when the BRI was proposed,and the samples of non-state-owned OFDI firms have those when the document of Vision and Proposed Actions was issued.