Research On The Impact Of Sino-us Trade Friction On The Stock Prices Of China’s Listed Automobile Enterprises

At present,the trend of economic globalization is deepening and the trade links between countries are getting closer.However,due to differences in ideology,cultural background,and economic interests,trade friction between countries is inevitable.Early morning on March 23,2018(March 22,Eastern Time),based on the results of the "301 Investigation",the US government announced that it would be possible to impose high tariffs on US $ 60 billion of goods imported from China,and restrict Chinese companies ’investment in and mergers with the United States.This begins.From the official tax increase list published by the United States,there is an important commodity,that is,cars and their parts.The automobile industry is one of the important pillar industries in China,which has very important significance for the development of China’s economy.This article takes the Sino-US trade friction as the research background,and uses the event research method to select four key time points in the Sino-US trade war.It analyzes and analyzes the daily returns of the stock prices of 102 listed auto companies in China.Changes in the rate of return,to study how the outbreak of SinoUS trade friction will affect the stock price of China’s listed auto companies.The research results show that:(1)After the Sino-U.S.Trade friction incident,companies have a significantly negative average excess return rate.Moreover,the overall change from a positive cumulative average excess return rate to a negative cumulative average excess return rate shows that China the US trade friction has a negative impact on China’s listed car stock prices,and the stock price fell.(2)By comparing the changes in the cumulative average excess return rate of vehicle companies and parts companies,it was found that the share price of automobile parts companies fluctuated more than that of vehicle companies.The volatility is greater,and the negative impact of Sino-US trade friction on the stock prices of auto parts companies is more serious.(3)A comparative analysis of the empirical results of Chinese auto companies and US auto companies.The results show that Sino-US trade frictions the negative influence of its share price is more serious.According to the research conclusion and the actual situation,the government,enterprises and investors are provided with relevant reference suggestions so that the government,enterprises and investors can better cope with the negative pressure caused by Sino-US trade friction.