Research On The Impact Of Communication Policy Events On The Stock Index Yield Of Communication Sector

With the continuous breakthrough of technical barriers and the implementation of relevant policies in the field of communication in China’s communication industry,the communication industry ushered in a favorable business environment and gradually embarked on the path of development created in China.As one of the leading industries in China,the communication industry has entered a period of rapid development,which has an important contribution to the national economy.Up to the end of June 2020,there are 108 listed companies in the communication industry,which has accounted for a large proportion in China’s stock market.Therefore,the research on the fluctuation of the stock market in the communication industry has gradually attracted people’s attention.This paper focus on the communication industry,and will further explore the impact of communication policy on the stock price of communication listed companies by studying the impact of communication policy events on the stock price of communication industry in China.First of all,taking the impact of major policy events in China’s communication industry on Shenwan communication industry stock market as the research background,this paper takes the traditional financial theory and information transmission theory as the theoretical basis,and makes a theoretical analysis of the impact of the communication industry policy events on the communication industry stock market around the market efficiency,signal transmission theory,yield factors,etc This paper further discusses the specific impact mechanism of communication policy events on the communication industry stock market.Secondly,taking Shenwan communication and its sub industry stock index as the research object,this paper selects the Shanghai Shenzhen 300 index and Shenwan communication index as the research samples,and determines the key communication policy events affecting China’s communication industry stock market by building the ICSS model.Thirdly,using the event research method,this paper empirically tests the impact of each key communication policy event on the communication industry stock market,and discusses the influence range of each key communication policy event on China’s communication industry stock market.Fourthly,the impulse response function is used to analyze the key communication policy events to determine the impact range and duration of key communication policy events on China’s communication industry stock market;in addition,through the establishment of multiple regression model,the influencing factors of policy effect are discussed from the aspects of market,industry and enterprise characteristics.The empirical results show that the occurrence of policy events in the communication industry has a certain impact on the fluctuation of the stock market of the communication industry and its sub industries,but it does not have a huge impact and does not cause the stock market to fluctuate violently;the macro market factors,industry characteristics and enterprise characteristics have different degrees of influence on the cumulative excess return rate of Listed Companies in the communication industry.Finally,the paper puts forward some suggestions for the government to promote the development of communication industry,improve the construction of communication enterprises and the investment of stock investors.It is suggested that the government and other relevant departments should formulate continuous,flexible and effective laws and policies for the communication industry,pay attention to the effective connection between the capital market and the modern communication industry while standardizing the management;encourage the enterprises in the communication industry to improve their comprehensive competitiveness;and cultivate the investment ideas and professional skills of investors.