A Study On The Impact Of The List Of U.S.Export Control Entities On The Stock Price Of Chinese Listed Companies

Trade frictions between China and the United States are an unavoidable focus issue in contemporary economic development,involving an unprecedented range of industries and amounts,which have had a profound impact on Sino US relations and greatly changed the trade structure of the two countries.After the downfall of former US President Trump,the direct initiator of the trade war,the trade frictions between China and the United States have temporarily entered a period of relative easing,but small frictions between the two sides have continued.In this context,more and more Chinese high-tech enterprises,research institutions,or individuals have been included in the United States entity list,and the entity list policy has become increasingly closely related to national security and high-tech exports.Therefore,starting from the event of the implementation of the physical inventory policy in the United States itself,exploring the impact of the US export control list on China’s stock market in the context of Sino US trade frictions can deeply explore the impact of external emergencies on China’s stock market volatility,and also provide research reference for investment decisionmaking activities of various market entities,reduce investment risks,and alleviate the impact of unexpected events related to Sino US trade frictions on China’s financial market,Safeguard the sustained and healthy development of China’s economy.The data source of this article is the Oriental Wealth Choice database,which queries the stock related data of domestic listed companies,and reviews relevant materials to sort out the process of Sino US trade friction from March 2017 to December 2021.The dual difference model(DID)is used to attempt to confirm the impact of entity lists on sanctioned listed companies in China from empirical research.The structure of this article mainly includes five parts: The first part focuses on the background of the topic,the theoretical and practical significance of the research,and introduces the research content,research methods,innovation points,and possible shortcomings of this article.The second part is a literature review,starting with domestic and foreign literature on the impact of Sino US trade friction events and the impact of Sino US trade friction on stock market volatility,to understand the current research situation at home and abroad,providing reference and reference for this article.The third part is the research and analysis of the US entity list policy.Firstly,it analyzes the current situation of trade frictions between China and the US,reviews key events,and sorts out the causes of trade frictions.Secondly,the study analyzed the new form of entity list of trade sanctions,and sorted out the reasons and basis for the proposed entity list by the United States.Finally,by analyzing the mechanism of the impact of entity lists on stock prices,it paves the way for the empirical analysis in Chapter 4.The fourth part is empirical analysis,which uses the double difference method(DID)to study the impact of the implementation of substantive policies by the United States on the stock prices of listed companies in China during the Sino US trade friction.Firstly,the empirical framework of this model is constructed,and then the explanatory variables,explanatory variables,and control variables involved in this article are explained and descriptive statistics are conducted.Finally,the empirical analysis is conducted to test the period of the Sino US trade war,Impact of "entity list" restrictions in the United States on stock prices of listed companies in China.The fifth part draws research conclusions and gives policy recommendations,respectively,from the perspective of government,stock market,industry,and enterprises to propose specific targeted recommendations.The main conclusions of this article are as follows: 1.The list of US entities will have a negative impact on the stock prices of listed companies in China;2.There is no difference in the negative impact of the US entity list on the stock price of listed companies in China in terms of the nature of the enterprise;Different industries are affected differently,and trade restrictions in the United States have a significant impact on the stock prices of China’s hightech industries...