A Study On The Effect Of Us Tariff On The Performance Of Chinese Listed Communication Equipment Companies

With the advancement of global economic integration,foreign trade of all countries has been developing unprecedentedly.However,due to the downward trend of operation and the upgrade of trade friction,the competition among trading countries is severe.On March 22,2018,the trump administration of the United States unilaterally launched a trade war that many people regard as aimed at China,issued a presidential memorandum,proposing to impose high tariffs on imported Chinese products.The trade conflicts between China and the United States are increasingly frequent,and the problems between the trade exchanges between the two sides are increasingly prominent,and the impact on the two countries' economies is unpredictable.From the perspective of the impact on the industry,the communication equipment industry is the focus of the U.S.tariff on China.As the intersection of manufacturing industry and high-tech industry,communication manufacturing industry is developing more and more rapidly in China,and its position is also higher and higher.After years of development.China's communication equipment manufacturing industry adheres to the combination of technology introduction and independent development,and has formed a relatively complete communication equipment manufacturing industry system.The industry chain has been gradually improved,and the ability of independent innovation has been significantly improved.A number of enterprises with international competitiveness,such as Huawei and ZTE,have emerged.The industry scale has been expanding,and it has become an electronic information industry The pillar industry.High technology content and high innovation ability have always been considered as one of the characteristics of the communication manufacturing industry.In order to master independent intellectual property rights,enterprises in the industry have focused on R &D investment,which makes the industry have the characteristics of rapid technological innovation.Therefore,it is necessary to carry out in-depth research on the impact of US tariff on the performance of China's listed companies of communication equipment,so as to have a systematic understanding of the operation of listed companies of communication manufacturing industry.The main contents of this paper are as follows:(1)introduce the significance,ideas and methods of this study,and put forward the research framework and innovation;(2)literature review;(3)analysis of the current situation of US imposed tariffs on China's communication equipment industry;(4)the impact mechanism of US imposed tariffs on the performance of listed companies;(5)statistical analysis based on the annual report;(6)event-based analysis The empirical analysis of the research method;(7)draw conclusions and put forward relevant suggestions.In this paper,the qualitative and quantitative method and event study method are used to evaluate the performance of China's communication equipment listed companies under the background of US tariff.Firstly,90 most influential communication equipment listed companies in China are selected.Through the data of their net profit changes and operating income changes in 2017,2018 and 2019,andthe event study method is used to analyze the differences in the profitability of China's communication equipment listed companies before and after the US Tariff in 2018.The empirical results show that: the effect of US tariff on the performance of China's listed companies is negative,and the results are significant.Finally,suggestions are put forward according to the conclusion.For the government to make a reasonable development policy for the communication equipment industry to provide a reference,and then for the company's own development strategy to provide some suggestions,and then for investors to make some suggestions,in order to promote the optimization of their export products technology and the improvement of international competitiveness.