集成电路支持政策的市场反应研究——基于事件研究视角

Research on the Market Response of Integrated Circuit Support Policies——Based on the Perspective of Event Research

基于中国半导体产业对外依赖严重,被"卡脖子"的情况,以2020年8月4日国务院发布的《新时期促进集成电路产业和软件产业高质量发展的若干政策》为研究背景,A股集成电路上市公司为研究对象,探究了该政策发布的短期市场反应。实证研究发现,该政策发布期间,资本市场反应积极,小规模公司与国有企业的市场正向反应显著,大规模公司与非国有企业的市场反应不显著。

Based on the serious external dependence of China’s semiconductor industry, this paper takes the listed integrated circuit companies in the A-share market as the research object, explores the short-term market reaction of the release of Several Policies to Promote the High-Quality Development of the Integrated Circuit Industry and Software Industry in the New Era, issued by the State Council on August 4, 2020. It’s found that during the period of the policy release, the capital market responded positively, the market response of small-scale companies and state-owned enterprises was significant, and that of large-scale companies and non-state-owned enterprises was not.