北京航空航天大学学报社科版 ›› 2022, Vol. 35 ›› Issue (2): 107-119.DOI: 10.13766/j.bhsk.1008-2204.2021.0115

• 经济与管理 • 上一篇    下一篇

军民融合政策对军工上市公司长期股价的影响

余冬平, 沈兰凤   

  1. 中央财经大学 财经研究院, 北京 100081
  • 收稿日期:2021-03-31 发布日期:2022-03-30
  • 作者简介:余冬平(1976—),男,湖北当阳人,副教授,博士,研究方向为军民融合、国防金融、国防预算、国防采办.
  • 基金资助:
    教育部人文社会科学研究规划项目(15YJAZH103);北京高校高精尖学科"战略经济与军民融合"交叉学科支持项目(GJJ2019163)

Effect of Policies of Civil-military Integration on the Long-term Stock Prices of Military Listed Enterprises

XU Dongping, SHEN Lanfeng   

  1. Institute of Finance and Economics, Central University of Finance and Economics, Beijing 100081, China
  • Received:2021-03-31 Published:2022-03-30

摘要: 基于长期事件分析法的购买并持有法,选取国家层面军民融合政策为研究样本,研究军民融合深度发展时期颁布的政策对十一大军工集团旗下的86家军工上市公司长期股价的影响。实证结果显示,军民融合政策的颁布对军工上市公司的长期股价有显著正向影响。为进一步探究军民融合政策的颁布对不同行业类别军工上市公司长期股份的影响是否存在显著差异,将军工上市公司划分为航空、兵器、航天、电子、核工和船舶六大行业类别,发现军民融合政策的颁布对不同行业类别军工上市公司长期股价的影响存在显著差异。

关键词: 事件分析法, 购买并持有法, 军民融合政策, 军工上市公司, 股价

Abstract: Based on the buy-and-hold approach of the long-term event analysis, this paper selects the national policies of civil-military integration as the research samples to study the effect of the policies promulgated in the period of in-depth development of civil-military integration on the long-term stock prices of 86 military listed enterprises affiliated to 11 major military industry groups. The empirical study shows that the promulgation of integration policies has a significant impact on the long-term stock prices of military listed enterprises. In order to further explore whether there are significant differences in the stock prices of the enterprises in different industries because of the promulgation of the policies, we have classified these enterprises into six industry categories: aviation, weapons, aerospace, electronics, nuclear industry and shipbuilding. It is found that these policies has made significant differences in the long-term stock prices of the enterprises in different industries.

Key words: event analysis, buy-and-hold approach, policy of civil-military integration, military listed corporation, stock price

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