OMRR操作对抗击新冠肺炎对中国股市不利影响的事件研究

IF 1.5 4区经济学 Q2 ECONOMICS

Frontiers of Economics in China Pub Date : 2021-12-22 DOI:10.54605/fec20210304

Lingfeng Guo, Xufei Zhang, Songlei Chao

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引用次数: 1

摘要

新冠肺炎疫情对中国经济产生了不利影响。本文采用事件研究法对公开市场逆回购操作对中国股票市场的影响进行了检验和测度。结果表明，OMRR操作对所有股票均产生正的日累积异常收益，且平均每日累积异常收益为正。对非国有企业(非国企)的影响大于国有企业，对湖北省外股票的影响大于对湖北省外股票的影响，对信息传输与技术行业股票的影响大于对其他行业股票的影响。建议实施更加稳健的货币政策和更加积极的财政政策。

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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Impact of the OMRR Operation in Fighting the Adverse Effects of COVID-19 on the Chinese Stock Market: An Event Study

The outbreak of the COVID-19 epidemic has had an adverse effect on China's economy. This paper uses the event study method to test and measure the impact of the open market reverse repo (OMRR) operation on the Chinese stock market. The results show that the OMRR operation generates a positive daily abnormal return and a positive daily cumulative abnormal return on average for all stocks. The impact is larger for non-state-owned enterprise (non-SOE) firms than for SOE firms, stocks of non-Hubei provinces than those of the Hubei province, and for stocks of the information transmission and technology industry than those of other industries. We suggest that our government implement more prudent monetary policies and more proactive fiscal policies.

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来源期刊

Frontiers of Economics in China ECONOMICS-

CiteScore

1.20

自引率

0.00%

发文量

373

期刊介绍： Frontiers of Economics in China seeks to provide a forum for a broad blend of peer-reviewed academic papers of economics in order to promote communication and exchanges between economists in China and abroad. It will reflect the enormous advances that are currently being made in China in the field of economy and society. In addition, this journal also bears the mission of introducing the academic achievements on Chinese economics research to the world.