军民融合政策会提升军工上市公司绩效吗?

Will Military-civilian Integration Policy Promote Performance ofListed Military Industry Companies?

军民融合是国家统筹经济建设与国防建设的重大战略,为推动军民融合发展中国国家相关部门相继出台了一系列与军民融合相关的政策法规。文章特定于从军工上市公司“股价变化”的角度,对24部国家层面的军民融合政策效果进行定量评估,并在研究内容和研究方法方面实现了两个创新。在研究内容方面,把2013—2019年军民融合深度发展时期颁布的国家层面的政策看作是“连续发生的同类事件”,研究了事件的发生对十一大军工集团旗下的86家军工上市公司短期股价绩效的影响,实证结果显示军民融合政策的颁布并没有对军工上市公司的短期股价产生显著影响。在研究方法方面,使用了事件分析法实现了定量分析与定性研究的有机的结合,对军民融合政策进行了系统量化评估。

Military and civilian integration is a major strategy for the country to coordinate economic construction and national defense construction.In order to promote the development of military and civilian integration,the relevant departments of the state have issued a series of policies and regulations related to military and civilian integration.From the perspective of“stock price change”of listed military industry companies,this paper quantitatively evaluates the effect of military and civilian integration policies at the national level in 24 departments,and makes two innovations in research contents and methods.In terms of research contents,this research takes the period from 2013 to 2019 military and civilian integration depth development of the national policy as“continuous occurrence of similar events”,and studies the impact of the event on the short-term stock price performance of 86 military listed industry companies of the 11th national military industry group.The empirical results show that the promulment of military-civilian integration policy has no significant impact on the short-term stock price of listed military companies.In terms of research methods,the event analysis method is used to realize the organic combination of quantitative analysis and qualitative research,and the quantitative evaluation of the militany-civilian integration policy is carried out systematically.