Research On The Measurements And Determinants Of The Influence Of US Anti-dumping On China's Related Manufacturing Listed Companies

With the further development of economic globalization and the rapid growth of domestic economy, China's trade with other countries has become increasingly frequent. Especially, since China's entry into WTO in 2001, its foreign trade has reached a higher level. However, as more and more "Made in China" products flood into foreign countries, trade frictions triggered by anti-dumping have appeared even more prominent. Among them, the US anti-dumping against China has aroused the most attention for its huge quantity, high frequency, wide scope and severe sanctions. Therefore, based on the entirely new perspective of enterprises, this thesis conducts a deep research on the influence of US anti-dumping investigation on our domestic manufacturing listed companies.Initially, there is a brief introduction on the theoretical foundation of anti-dumping, i.e. classical trade protection theory, and also a literature review, through which we find that the economic effects of anti-dumping and corresponding influencing factors have been research focus. And likewise, the thesis is aimed to measure the influence of US antidumping on listed companies and analyze the determinants.Afterwards, on the basis of the 483 sample companies'daily data, we apply event study methodology to establish an econometric model so as to calculate the cumulative abnormal returns (abbr. CAR) for each sample, which could be deemed as the effects of anti-dumping investigation. As is revealed by results, the overall influence of US anti-dumping investigation on our manufacturing listed companies is-2.3714%; and for core samples and reference ones, the influence is-2.7467% and-2.3283% respectively. Further, in order to evaluate such influences more thoroughly and comprehensively, we then carry out a series of comparative studies on the calculated CAR, whose main conclusion is that there exist obvious sector differences and location differences in terms of the above mentioned anti-dumping influence. Then, the following three assumptions are put forward: listed companies' own characteristics, sector properties as well as location features determines or affects CAR. Next, we construct a cross-section model to conduct WLS regression, in which CAR for each company is the dependent variable and proxy variables for the above three factors are independent ones. The regression results show that, the company's own characteristics, sector properties and location features all have marked influences on the anti-dumping investigation effects. Lastly, according to the research conclusions, we also propose some suggestions and countermeasures from such three aspects as the enterprise itself, industry and government.