Journal of Beijing University of Aeronautics and Astronautics Social Sciences Edition ›› 2021, Vol. 34 ›› Issue (2): 114-123.DOI: 10.13766/j.bhsk.1008-2204.2020.0038

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Will Military-civilian Integration Policy Promote Performance of Listed Military Industry Companies?

YU Dongping, SHEN Lanfeng   

  1. Institute of Defense Economics and Management, Central University of Finance and Economics, Beijing 100081, China
  • Received:2020-02-09 Published:2021-04-02

Abstract: Military and civilian integration is a major strategy for the country to coordinate economic construction and national defense construction. In order to promote the development of military and civilian integration, the relevant departments of the state have issued a series of policies and regulations related to military and civilian integration. From the perspective of "stock price change" of listed military industry companies, this paper quantitatively evaluates the effect of military and civilian integration policies at the national level in 24 departments, and makes two innovations in research contents and methods. In terms of research contents, this research takes the period from 2013 to 2019 military and civilian integration depth development of the national policy as "continuous occurrence of similar events", and studies the impact of the event on the short-term stock price performance of 86 military listed industry companies of the 11th national military industry group. The empirical results show that the promulment of military-civilian integration policy has no significant impact on the short-term stock price of listed military companies. In terms of research methods, the event analysis method is used to realize the organic combination of quantitative analysis and qualitative research, and the quantitative evaluation of the militany-civilian integration policy is carried out systematically.

Key words: event analysis method, militany-civilian integration policy, listed military industry companies, short-term stock price, performance

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