【摘要】 从农业产业角度出发,运用事件研究的方法,分析了我国2004~2013年连续10个中央"一号文件"惠农政策的发布对农业上市公司股票价格的影响。在此基础上,纵向研究了10个"一号文件"政策效应的动态变化。结果表明:中央"一号文件"显著影响了农业上市公司的股价收益,政策效应明显。但由于政策利好预期的常态化和受股市表现的影响,政策效应趋于弱化和短暂。更多还原

【Abstract】 The paper analyzes the policy effects of ten consecutive "No.1 documents" issued by the Central Government(from 2004 to 2013) on the stock price of agricultural listed companies from the perspective of agricultural industry with the event study method. On this basis, the dynamic changes of policy effect of the ten "No.1 documents" issued by the Central Government are vertically studies. The results showed that the "No.1 documents" issued by the Central Government significantly impacted the stock profits of agricultural listed companies and are of obvious policy effects.However, the policy effects tend to be weakened and short as a result of the normalization of favorable policy expectation and the impact of the stock market performance.更多还原