【作者】 王兴光；

【导师】 詹文杰；

【作者基本信息】 华中科技大学 ， 工商管理， 2020， 硕士

【摘要】 随着中国经济实力的不断发展壮大,2015年李克强提出“中国制造2025”,在未来十年内把中国从一个中低端制造业为主的大国转型升级成以高科技制造业为主的有核心竞争力的强国。中国在不断发展的过程中对美国的贸易赤字不断增高,特朗普上台后,对中国进行了“301调查”,2018年开始不断对中国的出口产品增收关税。随后又对中国的5G通信企业,中兴、华为进行制裁,并且不断有企业被添加到美国的实体清单上。至此贸易战升级为科技战,我国电子行业受到了美国的严厉打击。本文在中美贸易摩擦的大环境下,以美国把中国部分企业列入实体清单这一事件作为研究背景,通过事件研究法进行实证研究。首先,对实体清单上A股上市公司股票的CAAR值和BHAR值进行显著性检验;然后,对华为供应链上游企业的CAAR值与BHAR值进行显著性检验。研究结果表明:(1)从整体企业来看,实体清单对A股上市公司股价影响并不显著,第一批被列入实体清单的企业CAAR值显著为负,随着时间推移之后的实体清单A股电子行业上市公司的影响逐渐降低;(2)从华为上游供应链来看,短期内实体清单对其上游供应链企业股价影响不显著,从1年期的BHAR值来看,有高达22%的显著收益,说明企业被列入实体清单后,将美国的上游订单转移到国内,使得供应链上游企业能因此获得更多利润。根据研究结论向政府提供电子企业发展建议,同时也为我国股民提供有价值的投资信息。更多还原

【Abstract】 With the continuous development and growth of China’s economic strength,Li Keqiang proposed "made in China 2025" in 2015,which will transform China from a big country with medium and low-end manufacturing industry as the main industry to a powerful country with core competitiveness mainly based on high-tech manufacturing industry in the next decade.In the process of continuous development,China’s trade deficit with the United States is increasing.After Trump came to power,he carried out "301 investigation" on China,and began to continuously increase tariffs on China’s export products for 18 years.Subsequently,China’s 5g communication companies,ZTE and Huawei were sanctioned,and some enterprises were added to the list of entities in the United States.So far,the trade war has been upgraded to a science and technology war,and China’s electronic industry has been severely attacked by the United States.In this paper,under the environment of large Sino US trade friction,the United States takes the event of some Chinese enterprises listed in the entity list as the research background.Through the event research method,the significance test of CAAR value and BHAR value of A-share listed companies on the entity list is carried out,and then the CAAR value and BHAR value of Huawei’s upstream supply chain enterprises are tested.The results show that: 1.From the perspective of enterprises as a whole,the impact of entity list on the stock price of A-share listed companies is not significant.The CAAR value of the first batch of listed companies is significantly negative,and the impact of entity list on enterprises decreases gradually with the passage of time.2.From the perspective of Huawei’s upstream supply chain,the entity list has no significant impact on the stock price of its upstream supply chain enterprises in the short term.From the BHAR value of one year,it has a significant return of up to 22%.It shows that after the enterprises are listed in the entity list,the upstream orders of the United States are transferred to China,so that the upstream enterprises of the supply chain can obtain more profits.According to the research conclusion,the paper provides the government with suggestions for the development of electronic enterprises,and also provides valuable investment information for Chinese shareholders.更多还原