论文部分内容阅读
2013年,中国对从印度和日本进口的吡啶产品实施反倾销。受该项贸易救济政策刺激,国内被救济的企业会迅速摆脱经营困境,相关产业也必将重现生机。根据有效市场假说,股票价格反映出投资者对公司未来收益的预期。因此,本文应用事件研究法,利用沪深股市9家吡啶上市公司的日报酬率数据,实证检验中国对印日吡啶产品反倾销初裁与终裁日期间的市场效应,并探讨该案给企业、投资者、行业协会和政府所带来的启示,以期对中国对外反倾销的实践有所裨益。
In 2013, China imposed anti-dumping on pyridine products imported from India and Japan. Stimulated by the trade remedy policy, the domestic enterprises that are being relieved will quickly get out of their business predicament, and relevant industries will also regain their vitality. According to the Efficient Market Hypothesis, the stock price reflects the investor’s expectation of the company’s future earnings. Therefore, this article applies the method of event study, using daily return data of nine pyridine-listed companies in Shanghai and Shenzhen Stock Market to test the market effect of anti-dumping and final-date of China’s Pyridine product from India to China, Investors, industry associations and government enlightenment, with a view to China’s foreign anti-dumping practice helpful.