中美贸易摩擦与企业价值：来自中国上市公司的证据

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-04-14 DOI:10.1016/j.eap.2025.04.016

Mengxun Liu , Faqin Lin , Fan Feng , Guang Xiong

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引用次数: 0

摘要

本研究考察了中美贸易摩擦与中国上市公司企业价值的关系。本文以3567家a股上市公司为样本，对301关税清单确定的中美贸易摩擦是否影响中国股市进行了评估。运用差异中的差异策略，我们发现301关税清单对中国金融市场的股票价格有负面影响。经过多次稳健性检验，该结果是稳健性的。最后，我们进行了机制分析，重点研究了301关税清单对不同贸易类型、地理位置和融资约束是否有不同的影响，从而可能影响股票表现。我们发现301关税清单仅影响商品贸易公司和沿海公司的股票价格，并且301关税清单对公司股票绩效的负面影响对于融资约束程度较高的公司更大。

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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Sino-US trade friction and the firm value: Evidence from listed firms in China

The study investigates the relationship between Sino-US trade friction and the firm value of listed Chinese companies. Utilizing 3567 A-share listed companies, this paper evaluates whether the Sino-US trade friction identified by the 301 tariff list impacts the Chinese stock market. By applying the difference-in-differences strategy, we find that the 301 tariff list has a negative impact on the stock price in the Chinese financial market. This result is robust after carrying out several robustness checks. Lastly, we conduct a mechanism analysis by focusing on whether the 301 tariff list has different effects on different trade types, geographical locations, and financing constraints that may affect stock performance. We find that the 301 tariff list only affects the stock prices of the commodity trading companies and the coastal companies, and the negative impact of the 301 tariff list on company stock performance is greater for companies with higher levels of financing constraints.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.