The Dynamic Effect Of Antidumping On Firm Performance And Behavior Evidence Based On A-share Listed Companies

With the liberalization of international trade,there are more and more trade friction showed up around the world.Because of the low tariff wall,non-tariff trade barriers play a more important role in international trade protection.Compared with other non-tariff trade barriers,antidumping is more legal and operational,so antidumping has become the most frequently used measure on trade remedy.As a large trade country,China offers a big share of the economy in the world.On an account that China was considered as a non-market-economy,and antidumping becoming a political tool used by more and more countries,there were more and more antidumping cases happened during this time.From 1995 to 2016,5286 anti-dumping investigations were initiated around the world.During this period,China has been the largest target country for antidumping lawsuits.Considering the heterogeneity of the company’s equity,the analysis of different types of Chinese companies’ dynamic changes in the different stages conducted by anti-dumping is a great significance to the design and optimization of the anti-dumping system,which is conducive to enhance China’s trade remedy ability.Using Wind database and the global anti-dumping database,this article adjusts the HS code of China’s anti-dumping products to obtain the following final sample:475 anti-dumping cases,1,108 dumped products,860 A-share listed companies.This paper built a DID model to analyze the effects in the three stages of antidumping on the performance,behavior of enterprises.After finishing empirical analysis,it is found that,on the whole,antidumping has a significant negative effect on the performance of the company,which made the corporate behavior tend to be conservative.According to what this article says,here comes several conclusions:First,Enterprises involved in the case need to actively respond to antidumping when the antidumping case is filed.Second,The government should increase its policy support for private enterprises to respond to antidumping measures,reducing the impact of antidumping on corporate performance.Third,When it comes to the whole market mechanism,the government,different kinds of industries so as to the companies need to build a trinity system of anti-dumping damage assessment.