| In the past thirty years, with the continuous development of the national economy, the continuous improvement of transportation conditions and the continuous improvement of people's living standards, the economic exchanges between countries have become more and more closely. With the development of the world economy, it is also accompanied by the increasing amount of foreign trade. The dedication of foreign trade on economic Chinese is huge. After the reform and opening up, China's foreign trade has a huge increase in the number and types of foreign trade. In China's exports, the United States is one of the important economic partners in China. According to statistics from the Chinese Ministry of Commerce, China and the United States increased by nearly 240 times between 1979 and 2014.With the increasing volume of trade between China and the United States, the trade friction between China and the United States is increasing. There are many problems between China and the US trade:trade imbalance, intellectual property rights, anti-dumping and the RMB exchange rate. In the United States, the largest number of anti-dumping investigations against china. In addition, most of China's anti-dumping investigations are from the United States. The most important is that the United States on the Chinese enterprises to levy anti-dumping duty is very high. This situation will increase the trade friction between China and the United States, damage the interests of Chinese enterprises, and seriously affect the trade partnership between China and the United states.Because China's export trade is an important part of China's economy, while the proportion of Sino US trade volume in China's trade is very high, so it is very important to study the anti-dumping. Domestic research focuses on two aspects. The first is the reason of the anti-dumping problem between China and America. The second is the occurrence of anti-dumping investigation to China's macro economy and related industries to bring what kind of impact. Very few people study the impact of the micro level of anti-dumping investigations, such as the impact on the Related Companies.This paper studies the impact of the United States anti-dumping investigation on China's listing Corporation stock price in the short and long period of time, there are four main points:First of all, the study of the anti-dumping investigation procedures, whether for the country's macro trade or the future of the settlement of the problem of trade has a very important significance. Secondly, on the Sino US trade issues, this paper will give the quantitative impact of the anti-dumping investigation on the listing Corporation, this paper also gives the research methods and ideas to study the quantitative impact of anti-dumping. Thirdly, the United States anti-dumping investigation of the case of the original data collection is a very tedious thing, this paper used for nearly one year to collect anti-dumping case data. In order to ensure the data's authenticity and credibility, spent a lot of time reading American official files, translation related products and find information in connection with the case of listed companies. Finally, this paper describes the impact of Related Companies by the change of the stock return rate; the paper uses the asset pricing model and economic research methods, In the study, the knowledge which is learned by graduate students is fully utilized.The research object of this paper is to investigate the influence of the anti-dumping investigation on the short and long period of the company's stock price, which is based on the investigation of the United States' anti-dumping investigation on China, from 2002 to 2012. Study period (refers to the event window period) less than a year of the term of the study, the study period of more than one year, known as long-term research. Compare the impact of anti-dumping investigation on Related Companies' stock price in the long run and short term. The method used in this paper is a short-term event study method. The first step is to investigate whether there is a significant abnormal return rate in the event window period of the Listing Corporation directly involved in China. The second step to increase the production of products involved in the case but not directly prosecuted listing Corporation samples (known as the concept of listing Corporation), the purpose is to investigate whether the concept of listing Corporation also has an impact. The method used in the long-term study is the calendar-time portfolio approach. Investigation of the United States anti-dumping investigation in the period of one year, two years and three years period whether the direct listing Corporation and the concept of listing Corporation's long-term stock return rate has an impact. The research sequence is consistent with the short term research method. After careful data processing and data analysis, this paper selects the filing date of the U. S. Department of Commerce for short-term events as the event day, and the month of filing day of the U. S. Department of Commerce for long-term study as the events month.The conclusions of this paper are as follows:in the short term, the case of the United States anti-dumping investigation has a significant negative impact on the shares of the Listing Corporation directly involved. Listing Corporation directly involved early response to this. The empirical conclusions of the concept listing Corporation are also the same. But the concept listing Corporation's reaction is far less than directly involved in the case of listed companies, and reaction time later than directly involved in the case of listed companies. Long term studies show that: in general, directly involved in anti-dumping investigation on the listing Corporation's share price had no significant effect, but the size of the company significantly affects the long-term rate of return. The anti-dumping investigation has a significant negative impact on the long-term yield of small scale listing Corporation in one year, while there is no significant impact on the two-year period and the period of the three year period; The anti-dumping investigation has no significant effect on the long-term return on the stock price of a large-scale listing Corporation. The concept of listing Corporation is the same as the conclusion of large scale companies.This paper makes a detailed explanation of the short-term empirical results and long-term empirical results. At the same time, this paper also puts forward some suggestions:First of all, the Chinese government and Chinese enterprises should pay attention to the harm of anti-dumping. Although the empirical results show that the anti-dumping investigation has a significant negative impact on listing Corporation in short-term, and there is no long-term significant effect. But the Listing Corporation is only a small part of the company involved. The vast majority of small companies to resist the anti-dumping ability are very weak. Secondly, this paper puts forward the following suggestions to the Chinese government and Chinese enterprises. The China government advice is:1) to accelerate the improvement of trade legislation, once China's enterprises by foreign anti-dumping lawsuits can have legal weapons to protect their interests.2) Fully interpret the rules of WTO, the exercise of WTO membership rights and the use of WTO dispute settlement mechanism.3) Chinese to accelerate the progress of market economy and trade partner countries recognized.4) Do a good job in the early warning of anti-dumping work. Such as share trade information, legal aid and statistical data. Suggestions for Chinese enterprises are:1) seriously working with foreign anti-dumping Investigation 2) if convicted of anti-dumping actively responding to, doesn't give up opportunities for responding to the 3) set up the brand image, increase product innovation.The innovation of this paper is mainly reflected in:First, the innovation of data. Anti-dumping data and listing Corporation data cannot be obtained directly, so this paper spends a lot of time to collect first-hand information. Second, this paper studies the impact of the anti-dumping investigation on China's listing Corporation's stock price, so the research direction is a new piece of international trade. Third, although the research idea of the short-term research model is like Wu Qiang et al (2014), but our approach in practice are not the same. On the other hand, the use of the parameter test method in the short term is still not much. Fourth, this paper increases the long-term research on the anti-dumping investigation, and uses the calendar-time portfolio approach in the empirical model. This research in the anti-dumping investigation is the most important point of innovation, but also different from Wu Qiang et al (2014).The deficiency of this article mainly has the following several points:The first point, the sample size of this paper and the number of samples is relatively small. Study time is only ten years, and only 55 case studies. The second point, the information collected by this paper use incompletely.The third point, this paper has not yet in-depth mining of the factors that affect the CAR.Even though there are a lot of problems in the empirical research, but this paper has recognized the direction for future research. Hope that in the future to be more detailed and thorough investigation of the anti-dumping investigation. |
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