摘要
本文将经济政策不确定性的溢出效应与收益分配联系起来,实证分析了美国经济政策不确定性和A股股价崩盘之间的关系。研究表明,美国经济政策不确定性与A股股价崩盘风险呈显著正相关关系。此外,美国经济政策不确定性对A股股价崩盘的影响会在企业所有权性质、企业规模和机构持股比例等方面产生选择作用。
This paper connects the spillover effect of economic policy uncertainty with income distribution,and empirically analyzes the relationship between the uncertainty of US economic policy and the collapse of A-share stock prices.Research shows that there is a significant positive correlation between the uncertainty of US economic policy and the risk of A-share stock price collapse.In addition,the impact of the US economic policy uncertainty on the A-share stock price crash will have a selective effect on the nature of enterprise ownership,enterprise size and institutional shareholding ratio.
出处
《投资研究》
CSSCI
北大核心
2021年第2期4-19,共16页
Review of Investment Studies
基金
国家社科基金一般项目(14BJY181)
关键词
美国经济政策不确定性
溢出效应
股价崩盘
US economic policy uncertainty
Spillover effect
Stock price crash
