The impact of US-China trade war on Chinese firms: Evidence from stock market reactions

被引：26
|
作者：
Wang, Xiaoquan [1 ]
Wang, Xinyue [1 ]
Zhong, Zheng [1 ]
Yao, Junnan [1 ]
机构：
[1] East China Normal Univ, Fac Econ & Management, Shanghai 200062, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2021年 / 28卷 / 07期
基金：
中国国家自然科学基金;
关键词：
US-China trade war; event study; state-owned enterprises; export exposure; tariff increase exposure; RESPONSES;
D O I：
10.1080/13504851.2020.1764477
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study Chinese firms' stock market reactions of US-China trade war. Using stock market returns of listed firms and corresponding firm-level export information from China Customs database, we find a negative effect of trade war that firms with higher proportion of prior export to US show more negative market reactions. This effect is strongest among firms with non-state ownership. Further evidences show that the negative impact largely comes from firms exposed directly to tariff increase.
引用
收藏
页码：579 / 583
页数：5
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