[1]吴婷婷a,叶 成b,江世银.中美贸易摩擦对中国通信行业股价波动的影响研究[J].金融教育研究,2020,(06):68-76.
　WU Tingtinga,YE Chengb,JIANG Shiyin.Study on the Fluctuation of Stock Price of China's Communication Industry Caused by China-US Trade Friction[J].,2020,(06):68-76.
点击复制

中美贸易摩擦对中国通信行业股价波动的影响研究()
分享到：

《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2020年06期
页码:
68-76
栏目:
管理决策
出版日期:
2020-12-20

文章信息/Info

Title:
Study on the Fluctuation of Stock Price of China's Communication Industry Caused by China-US Trade Friction
文章编号:
2095-0098(2020)06-0068-09
作者:
吴婷婷1a;  叶 成1b;  江世银2
1.上海对外经贸大学 a.金融管理学院 b.金融发展研究所,上海 201620; 2.南京审计大学 金融学院,江苏 南京 211815
Author(s):
WU Tingting1a;  YE Cheng1b;  JIANG Shiyin2
1a.School of Financial Management,1b.Institute for Financial Development, Shanghai University of International Business and Economics,Shanghai 201620,China; 2.School of Economics and Finance,Nanjing Audit University,Nanjing,Jiangsu 211815,China
关键词:
贸易摩擦;  加征关税;  通信行业股价;  事件研究法
Keywords:
Rrade friction;  Impose tariff;  Stock prices of the communications industry;  Event study method
分类号:
F830.91
文献标志码:
A
摘要:
自2017年以来,中美两国间的贸易摩擦逐步升级为贸易冲突,引发中国A股市场股价波动。在此背景下,利用事件研究法,聚焦于2018年至2019年特朗普四次宣称将对中国商品加征关税和2019年末中美贸易谈判取得重大进展这几个事件,以事件窗口内中国A股市场通信行业股票价格为对象,研究美方挑起贸易冲突重要手段之一的加征关税对有关股票价格的影响。经研究发现,最初加征关税事件并未引起通信行业股价的剧烈波动,之后随着美国不断增加加征清单股价受到了强烈冲击,但经过美国几轮加码后市场逐渐消化了负面消息,冲击效应逐渐弱化。因此,建议冷静应对美国的关税威胁,在与美方谈判斡旋的同时以优惠的产业政策扶持有关企业成长,通过科研工程项目鼓励高校及研究机构培养优秀人才,并积极与外国展开合作,占据通信行业产业链高端领域。
Abstract:
Trade friction between China and the United States has escalated into a trade conflict since 2017 and it affected China's A-share market.In this context,the event-study method is used to focus on the four times trump announced tariffs on Chinese goods from 2018 to 2019 and the major progress made in China-Us trade negotiations at the end of 2019.Taking the stock price of Communication industry in China's A-share market in the event window as the object,this paper studies the influence of tariff on relevant stock price,one of the important means of provoking trade conflicts by the US side.The study found that at the beginning imposing tariffs didn't cause abnormal fluctuations of the stock prices of the communications industry.After that,the stock price fluctuated wildly by the continuous expansion of the tariffs list.Then negative news was gradually digested by the market and the impact effect was gradually weakened.Therefore,it is recommended to respond calmly to the tariffs threat from the United States and support the development of relevant enterprises with preferential industrial policies while we are negotiating with the United States.In order to occupy the high-end part of the communications industry chain,it is necessary to encourage universities and research institutions to cultivate outstanding talents through scientific research projects and actively cooperate with foreign countries.

参考文献/References:

[1]杨胜利,奉佳.圆通速递借壳上市绩效的实证研究——基于事件研究法视角[J].云南财经大学学报,2017(4):133-140.
[2]王树强,李秋熠.A股投资者关注企业环境表现吗?——基于“绿色领先”股票指数发布的事件研究[J].武汉金融,2019(5):57-60.
[3]于恩锋.中美贸易战的金融效应——基于中美股市的事件研究法实证[J].中国证券期货,2019(3):9-21.
[4]方意,和文佳,荆中博.中美贸易摩擦对中国金融市场的溢出效应研究[J].财贸经济,2019,40(6):55-69.
[5]杨粒.中美贸易摩擦对股票市场流动性影响分析[D].华侨大学,2019.
[6]尹志超,路慧泽,潘北啸.中美贸易战对中国股市的影响——基于事件研究法的分析[J].管理学刊,2020,33(1):18-28.
[7]褚文臣.中美贸易摩擦对国际贸易板块的冲击——基于事件研究法[J].财务与金融,2020(2):6-11.
[8]杨令仪,杨默如.高新技术企业的股价效应研究——基于美国税改和中美贸易摩擦[J].科学学研究,2020,38(3):438-447.
[9]刘进,雷飞,霍龙.中美贸易摩擦对中国机电产品出口的影响与对策[J].对外经贸实务,2019(4):57-60.
[10]彭森.试论输入性通胀对我国经济的影响和对策[J].新远见,2012(3):8-13.
[11]冯彩,王叙果,何暑子.美国巨额全球贸易逆差的内生来源——基于贸易差额内生性模型的研究[J].金融教育研究,2020(4):22-29.
[12]Dolley J.C.Characteristics and procedure of common stock split-ups[J].Harvard business review,1933,11(3):316-326.
[13]Fama E.F,Fisher L,Jensen M.C,Roll R.The Adjustment of Stock Prices to New Information[J].International Economic Review,1969,10(1):1.

备注/Memo

备注/Memo:
收稿日期:2020-06-20
基金项目:国家社会科学基金青年项目“全球金融危机视角下的金融国际化与国家金融安全研究”(16CGJ006)
作者简介:吴婷婷(1981-),女,重庆人,博士,副教授,研究方向为国际金融理论与实践。
更新日期/Last Update: 2020-12-20