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爱国热情是否会体现在股市上呢?本文从两个方面进行了分析研究。一方面,我们对比了我国沪深股市上股票名称中含有“中国”两字的股票(“中国”股票)和不含“中国”两字的股票(“非中国股票”)的市场表现,发现“中国”股票不仅长期的持有期收益率高,而且上涨持续的时间更久。采用同样隶属于国务院的中央企业作为配对样本,结果仍然稳健。另一方面,我们研究了股票名称中的“中国”两字由更名而来的股票,发现在更名公告的当日和随后两日,更名公告会产生显著的异常收益率。在考虑市场因素和公司因素后,发现股票名称中的“中国”两字仍然对异常收益率构成显著的影响,我们认为这一异常影响来自投资者对“中国”两字的热爱和信任。
Patriotic enthusiasm will be reflected in the stock market? This article from two aspects of the analysis. On the one hand, we compare the stocks ( “China ”) containing “China ” and the stocks without “China ” in the stock names on the Shanghai and Shenzhen stock exchanges “) Market performance, found that” China “stocks not only long-term holding period yield is high, and the rise lasts longer. Using a sample of central enterprises also affiliated with the State Council as a sample, the result is still sound. On the other hand, we studied the stock with the changed name of ”China“ in the stock name and found that the announcement of renaming would have a significant abnormal yield on the day of the announcement and on the following two days. After considering the market and company factors, we found that the ”Chinese“ in the stock name still has a significant impact on abnormal returns. We think this anomaly will come from investors’ love of the ”China" And trust.