新冠疫情对我国股票市场收益率影响的实证研究  

An Empirical Study of the Impact of COVID-19 on China’s Stock Market Returns

作　　者：顾宇鹏 贾创雄[2] Yupeng Gu;Chuangxiong Jia(School of Business,NUIST,Nanjing,Jiangsu,210044,China;Nanjing Xiaozhuang University,Nanjing,Jiangsu,211171,China)

机构地区：[1]南京信息工程大学商学院,江苏南京210044 [2]南京晓庄学院,江苏南京211171

出　　处：《管理科学与研究（中英文版）》2022年第9期147-156,共10页Management Science and Research

摘　　要：自2020年初新冠肺炎疫情爆发以来,中国经济发展受到了强烈冲击。而股票市场作为中国经济的重要组成部分,我们认为,其受疫情影响的波动在一定程度上能够反应国内经济发展的形势。本文运用面板数据回归模型,对疫情爆发期间上海证券交易所中所包含A股的数据和日新增确诊和死亡病例增长率,定量分析新冠肺炎疫情对国内股票市场收益的影响。结果表明,股票市场收益与日新增确诊和死亡病例的增长率均呈显著的负相关关系,由此,我们分别对市场、监管者和投资者给出了相关建议。Since COVID-19 broke out in early 2020,China's economic development has received a major impact.As an important part of China's economy,the fluctuation of the stock market affected by the epidemic can reflect the situation of domestic economic development to a certain extent.In this paper,novel coronavirus pneumonia model is used to analyze the impact of new crown pneumonia on the stock market returns in Shanghai stock exchange.The data of A shares and the rate of daily increase in diagnosis and mortality are analyzed quantitatively.The results show that there is a negative correlation between the stock market return and the growth rate of daily newly diagnosed and dead cases.Based on this conclusion,this paper gives some corresponding suggestions to the market,regulators and investors.

关 键 词：新冠肺炎 疫情 股票收益 上证A股 

分 类 号：F83[经济管理—金融学]