Effects of smart agricultural production investment announcements on shareholder value:Evidence from China  

作　　者：Weihua Liu Shangsong Long Siyu Wang Ou Tang Jiahe Hou Jiahui Zhang 

机构地区：[1]College of Management and Economics,Tianjin University,No.92,Wejin Road,Nankai District,Tianjin,300072,China [2]Department of Management and Engineering,Linkoping University,Linkoping,SE-58183,Sweden

出　　处：《Journal of Management Science and Engineering》2022年第3期387-404,共18页管理科学学报（英文版）

基　　金：funded by Major Program of the National Social Science Foundation of China(grant number No.18ZDA060).

摘　　要：The advent of the era of the smart economy has made agricultural production more intelligent.An increasing number of companies have launched a series of investment activities aimed at smart agricultural production(SAP).However,whether smart agricultural production investment(SAPI)impacts the stock market has yet to be confirmed.Therefore,based on the sample data of 118 listed companies in China from 2010 to 2019,this study empirically examines the impact of SAPI announcements on shareholder value,as indicated by abnormal returns of stocks.Further,we tested the moderating effect of certain characteristic factors on abnormal stock returns.The research results illustrate a significant positive connection between SAPI announcements and shareholder value.Moreover,considering the announcement content and company factors,this study investigates the impacts of different investment targets and industries on the market reaction to SAPI announcements.We find that non-agricultural companies have a more positive market reaction to SAPI than agricultural companies;the higher the liability-asset ratio,the more positive will be the stock market reaction to SAPI.

关 键 词：Smart agriculture production Smart agricultural production investment Stock market reaction Influence factors Empirical research 

分 类 号：F832.51[经济管理—金融学]