Research On The Capital Market Response And Countermeasures Of China's Listed Companies To The Anti-dumping Investigation

Under the background of the globalization of trade,trade exchanges frequently,meanwhile,trade frictions and disputes occur constantly.In order to maintain a harmonious and orderly international trade order and their own trade development,besides in order to create a relatively fair market competition environment,countries and regions are constantly weakening tariff barriers at the same time.Non-tariff barriers permitted by the WTO such as anti-dumping,anti-subsidy and trade safeguards are frequently used,but not all anti-dumping investigations are due to protect the "justice" of domestic industries,many countries are under the guise of anti-dumping just in order to limit the entry of foreign products.Anti-dumping measures have become the common measures to restrict China's export trade.Once a country has launched an anti-dumping investigation against a product,the manufacturer of the product will face the risk of losing the country's market.Therefore,anti-dumping investigation will directly weaken the competitiveness of relevant export enterprises,this impact will be passed along the industrial chain.It is of great significance to study the influence of anti-dumping investigation on related enterprises,the extent of influence,and how to deal with the anti-dumping investigation and so on.Based on the theory of signaling models and industry protection theory and analysis of the domestic and foreign literatures on the macro and micro anti-dumping,this paper puts forward four hypotheses based on the investigation process of anti-dumping and the potential influence mechanism of anti-dumping on the enterprises involved in the case.The selected sample consists of the listed companies that publicly disclose anti-dumping announcements on Shanghai Stock Exchange and Shenzhen Stock Exchange.This paper uses the event study method to analyze the variation of stock price of the related enterprises,so as to get the influence extent of trade relief survey on the capital market.Then according to event window period,the method of return regression analysis is adopted between market accumulation abnormal rate of enterprise and three factors,such as R & D investment,enterprise internal control,enterprises accounting information quality,in order to cope with effectively anti-dumping investigation.The empirical results show that: in the capital market of the surveyed country,the market reaction of listed companies under anti-dumping investigation issignificantly negative;And the more investment in R & D of listed companies involved in the case,the weaker the negative market reaction of anti-dumping investigation;the better the internal control system of listed companies involved in the case,the weaker the negative market reaction of anti-dumping investigation.Therefore,this paper holds that whether enterprises strengthen R & D investment or complete internal control has a certain positive effect on responding to anti-dumping investigation,and these measures belong to the long-term strategic planning of enterprises,which can't be achieved in the short term.This shows that export enterprises should pay attention to the connotation development,constantly improve the development of the enterprises and formulate long-term plans to better cope with the negative impact of anti-dumping investigations.