摘要
20世纪以来,科学技术的巨大进步推动了各大产业的迅猛发展,尤其以航天航空产业最为显著。股票市场作为航天航空产业股融资的平台,近年来也表现出良好态势,与产业的联动效应愈加紧密。本研究基于2005-2016年航天类股票交易数据,深入细致地分析神舟号飞船发射事件对股票市场的影响。研究结果表明:神舟号飞船发射前后我国的航天类股票市场表现出异常收益率,显示出科技进步事件对我国资本市场的运行具有显著影响;尽管从理论上看科技进步推动了产业的发展,进而推动上市公司股票市场的发展,但在神舟号飞船发射前后,如果受公众和市场过度追捧的"羊群效应"的影响,航天类上市公司股票价格也受到了不容忽视的负面冲击。本文为科技进步对经济系统运行的影响提供了新的分析视角与证据。
Since the 20 th century,science and technology progress has promoted the rapid development of major industries,especially in the aerospace industry. In recent years,Stock market,as a platform for financing aerospace and aviation industry,also shows a good situation,and the linkage with the industry is becoming closer. Based on the data of spaceflight stock trading from 2005 to 2016,this study analyzes the impact of Shenzhou spacecraft launch event on the stock market. The results show that：before and after the launch of Shenzhou spacecraft,China＇s spaceflight stock market shows an abnormal return rate,indicating that scientific and technological progress events have a significant impact on the operation of China＇s capital market. Theoretically,progress of science and technology has promoted the development of the industry,and then promoted the development of the stock market of listed companies,but before and after the launch of the Shenzhou spacecraft,if affected by the ＂herd effect＂ that the public and the market excessively sought after,The stock price of aerospace listed companies has also suffered negative impact that cannot be ignored. This paper provides a new perspective and evidence for science and technology progress＇ s influence on economic system.
作者
景海霞
常福英
段琳娜
JING Hai-xia;CHANG Fu-ying;DUAN Lin-na(School of Business,Shanxi Datong University,Datong Shanxi,037009;School of Business,Shanghai Normal University,Shanghai,200234)
出处
《山西大同大学学报（社会科学版）》
2018年第3期87-92,共6页
Journal of Shanxi Datong University(Social Science Edition)
基金
山西大同大学教学改革项目(XJG2017219)
大同市软科学研究计划项目(2017151)
关键词
股市异象
科技进步
航天板块
事件研究
anomalies in stock market
science and technology progress
aerospace sector
event study
