COVID-19疫情背景下投资者对中国新能源汽车退坡补贴方案的响应模式——基于事件研究法

Reaction mechanism of investors of new energy vehicle enterprises to China’s program of retrogressive subsidies in the context of COVID-19 pandemic:Based on the event study method

近年来,新能源汽车补贴政策推动了我国新能源汽车产业的蓬勃发展。过往研究倾向于关注消费者对新能源汽车补贴政策的反应,而对投资者反应的关注相对匮乏,尤其是在重大突发公共事件背景下。本文基于事件研究法,实证检验了COVID-19疫情背景下新能源汽车企业投资者对我国新能源汽车退坡补贴方案的响应模式,并探讨了不同企业属性下(即是否在上海证券交易所上市、是否位于一线城市、是否属于国有企业、是否属于新能源汽车行业上游企业)的投资者响应差异。研究结果为新能源汽车企业及其投资者的战略管理实践提供了决策参考。

In recent years,the subsidy policy of new energy vehicles(NEVs)has promoted the vigorous development of China’s NEV industry.In the past,scholars tended to focus on consumers’reactions to subsidy policies for NEVs,while attention to the reaction of investors is relatively scarce,especially in the context of major public emergencies.Based on the event study method,this study empirically tested the reaction mode of investors of NEV enterprises to China’s program of retrogressive subsidies(PRS)in the context of COVID-19 pandemic and discussed the differences in investors’reactions under different enterprise attributes(i.e.,whether listed on the Shanghai Stock Exchange,whether located in a firsttier city,whether belonging to state-owned enterprises,and whether belonging to the upstream NEV industry).Our research results provide a reference for the strategic management practices of NEV enterprises and their investors.