经济政策的不确定性和股市对财报的反应：来自中国的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-09 DOI:10.1016/j.frl.2025.107942

Jiangtao Bai , He Song , Haojie Wang , Yuetong Liu

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引用次数: 0

摘要

经济政策的不确定性加剧了企业与投资者之间的信息不对称。本文以2007 - 2021年中国a股上市公司为研究样本，采用事件研究法研究经济政策不确定性与股票市场对盈余公告反应之间的关系。我们发现，经济政策的不确定性降低（增加）投资者对正面（负面）收益消息的敏感性。我们进一步发现，投资者情绪可以减轻经济政策不确定性对股票市场对收益公告反应的影响。这些发现可以为金融监管机构和政策制定者提供实用的见解。

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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Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China

Economic policy uncertainty (EPU) exacerbates the information asymmetry between companies and investors. This paper uses Chinese A-share listed companies from 2007 to 2021 as the research sample and employs the event study method to investigate the relationship between economic policy uncertainty and stock market reactions to earnings announcements. We find that economic policy uncertainty decreases (increases) investors’ sensitivity to positive (negative) earnings news. We further reveal that investor sentiment can mitigate the impact of economic policy uncertainty on stock market reactions to earnings announcements. These findings can provide practical insights for financial regulators and policymakers.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance