Research On The Impact Of Launching Anti-dumping Investigations On The Business Performance Of Chemical Enterprises

Anti-dumping investigation as a trade remedy allowed by the World Trade Organization,has become an important tool for the world’s major economies to protect their own industries.Since the reform and opening up,China has been famous for its manufacturing industry for a long time.However,the low-cost manufacturing products brought by demographic dividend have also suffered from different countries in the process of going global,because of anti-dumping investigations of different purposes.In order to integrate into the world trade environment as soon as possible,familiar with the world trade rules,our country also needs to speed up the steps of anti-dumping investigation,to protect the domestic industry to the maximum extent.Since China first initiated anti-dumping investigation in 1998,remarkable results have been achieved.Therefore,the focus of this thesis is whether the anti-dumping investigation has exactly improved the market performance of manufacturing enterprises and whether it has played a trade remedy effect.This thesis selected listed chemical companies affected by anti-dumping from 2000 to2019 as samples to study the impact of anti-dumping investigations on their business performance.First of all,two types of business performance of listed chemical companies are respectively benchmark regression.Secondly,in order to verify the continuous influence of external anti-dumping investigation on the business performance of listed companies,this thesis uses dummy variables to conduct regression analysis on the data of the year when anti-dumping investigation was initiated and the three years after,and discusses the two types of business performance indicators respectively.Finally,this thesis uses the method of shortening the sample period and replacing key variables to test the robustness of the regression results,and summarizes the above regression analysis results and puts forward policy recommendations.The empirical results of this thesis show that there is a short-term and persistent influence on the management performance of Chinese chemical listed companies to initiate anti-dumping investigations.In addition,enterprises of different nature will make appropriate countermeasures due to their own heterogeneity when they encounter anti-dumping investigation initiated by their own countries.Therefore,when the domestic market situation is subject to anti-dumping investigation and significant changes,different relief measures should be taken for different nature of enterprises,and the measures should be timeliness,in order to ensure that in different periods of anti-dumping investigation can play a significant role.Based on the above empirical analysis,this thesis puts forward some policy suggestions:(1)the Ministry of Commerce should pay more attention to the application of external anti-dumping in chemical industry;(2)Short and medium term policy planning should be made before initiating external anti-dumping investigation;(3)Eliminate backward production capacity and improve the decision-making efficiency of large-scale chemical enterprises;(4)Deepen the cooperation between government and enterprises,and promote the optimization and upgrading of the equity structure of listed chemical companies.