贸易摩擦对企业价值的影响研究--基于股票市场反应的经验证据

A Study of the Impact of Trade Frictions on Firm Value--Empirical Evidence Based on Stock Market Reactions

本文以2018年美国提出对中国产品提高关税为背景,利用事件研究法考察了中美贸易摩擦对我国企业价值的影响。研究发现:与不受征税清单影响的企业相比,贸易摩擦对受征税清单影响的企业负面冲击更大。考虑企业异质性后发现,增强创新能力、缓解融资约束程度以及提高公司透明度有助于企业抵抗贸易摩擦带来的负面冲击。在我国经济进入新常态、经济结构不断优化升级、中国制造向中国创造转变的特殊背景下,本文研究对应对贸易摩擦的负面影响、进一步促进中国经济发展具有极大的意义与参考价值。

This paper examines the impact of trade frictions between China and the US on the value of Chinese enterprises using an event study approach against the backdrop of the US announcement of the raising tariffs on Chinese products in 2018.The study finds that trade frictions have a greater negative impact on firms'value those affected by the list of levies than on those not affected by the list.Taking into account the heterogeneity of firms,this paper finds that enhancing innovation capabilities,easing the degree of financing constraints and improving corporate transparency help firms to resist the negative impact of trade frictions.Against the backdrop of China's new economic normal,the continuous optimization and upgrading of its economic structure,and the transformation of Chinese manufacturing into Chinese creation,this study is of great significance and reference value in addressing the negative impacts of trade frictions and further enhancing China's economic development.