Outward direct investment as a shelter from external trade policy shocks: Firm-level investigation of the US–China trade war

IF 1.3 4区 经济学 Q3 ECONOMICS
Haoyuan Ding, Haichao Fan, Guangyuan Guo, Guoyong Liang, Tong Qi
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引用次数: 0

Abstract

This study examines the effects of external trade policy shock from the US–China trade war on firm value. Using a merged data set of Chinese-listed companies, our empirical results reveal that Chinese firms conducting outward direct investment in the US have significantly higher stock returns around the date of the outbreak of the trade war as compared with the lower returns of exporting firms. This indicates a sheltering effect of pre-existing outward direct investment activities. Moreover, we find that the sheltering effect is more pronounced for production-oriented projects, high tech industries and tariff-targeted sectors, while it is weaker for state-owned companies.

对外直接投资作为外部贸易政策冲击的避风港:中美贸易战的企业层面调查
本研究探讨了中美贸易战带来的外部贸易政策冲击对企业价值的影响。利用中国上市公司的合并数据集,我们的实证结果显示,在美国开展对外直接投资的中国企业在贸易战爆发日前后的股票回报率显著高于出口企业,而出口企业的回报率较低。这表明此前存在的对外直接投资活动产生了庇护效应。此外,我们还发现,生产型项目、高科技产业和关税目标行业的庇护效应更为明显,而国有企业的庇护效应则较弱。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
2.20
自引率
6.20%
发文量
86
期刊介绍: The Canadian Journal of Economics (CJE) is the journal of the Canadian Economics Association (CEA) and is the primary academic economics journal based in Canada. The editors seek to maintain and enhance the position of the CJE as a major, internationally recognized journal and are very receptive to high-quality papers on any economics topic from any source. In addition, the editors recognize the Journal"s role as an important outlet for high-quality empirical papers about the Canadian economy and about Canadian policy issues.
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