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首页> 外文期刊>Strategic Management Journal >WINDFALLS OF EMPERORS' SOJOURNS: STOCK MARKET REACTIONS TO CHINESE FIRMS HOSTING HIGH-RANKING GOVERNMENT OFFICIALS
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WINDFALLS OF EMPERORS' SOJOURNS: STOCK MARKET REACTIONS TO CHINESE FIRMS HOSTING HIGH-RANKING GOVERNMENT OFFICIALS

机译：风起云涌的皇帝之行：对中国企业担任高级政府官员的股票市场反应

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摘要

Research summary: We contribute to the corporate political activity (CPA) literature by showing that investors value companies that host visits of high-ranking government officials (President and Premier). We argue that investors may value host official visits for two reasons: (1) the signal received about possibility of firm accessing government-controlled resources via promotion or protection; and (2) the certification effect from such high-powered visitors elevating the firm's reputation and legitimacy. Results from an event study analysis of 84 high-ranking government official visits in China from 2003 to 2011 indicate that investors responded positively to host firms as reflected by stock market performance. Furthermore, the greatest positive reactions accrued to firms experiencing weaker prior period financial performance and to firms that are privately compared to state-controlled.
机译：研究摘要：通过证明投资者对接待高级政府官员（总统和总理）访问的公司的重视，我们为公司政治活动（CPA）文献做出了贡献。我们认为，投资者可能看重东道国的官方访问有两个原因：（1）收到有关企业有可能通过晋升或保护获得政府控制资源的信号； （2）如此高能力的访客带来的认证效果提升了公司的声誉和合法性。事件研究分析结果显示，从2003年至2011年，中国对政府进行了84次高级官员访问，表明投资者对托管公司的反应积极，这反映在股市表现上。此外，对前期财务表现较弱的公司以及与国有控股公司相比私有的公司产生了最大的积极反应。

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