经济政策不确定性对股票定价的影响——基于创业板上市公司的实证分析  

The Impact of Economic Policy Uncertainty on Stock Pricing:Empirical Analysis Based on GEM-Listed Companies

作　　者：段沁辰 DUAN Qinchen(School of Management,Hefei University of Technology,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230009

出　　处：《商业观察》2025年第8期111-115,共5页BUSINESS OBSERVATION

基　　金：中国证券业协会2023年重点课题(2023SACKT006)。

摘　　要：创业板上市公司通常规模较小、成长性强,其股票定价受经济环境和政策支持影响更大。利用2010—2022年中国创业板上市公司数据,研究经济政策不确定性对股票定价的影响。研究发现,经济政策不确定性越高,创业板上市公司股价越被低估;战略差异度越高,股价受到不确定性冲击越小。文章为深入理解经济政策不确定性对金融市场运行及资源配置影响提供了新的证据,有助于中小企业就相关政策制定及时调整战略决策,就加快构建中国特色估值体系提出了参考建议。GEM-listed companies are usually smaller in size and stronger in growth,and their stock pricing is more affected by the economic environment and policy support.Using the data of China's GEM-listed companies from 2010 to 2022,the paper studies the impact of economic policy uncertainty on stock pricing.It is found that the higher the economic policy uncertainty,the more undervalued the stock prices of GEM-listed companies are.And the higher the degree of strategic differentiation,the smaller the stock price is hit by uncertainty.This paper provides new evidence for an in-depth understanding of the impact of economic policy uncertainty on financial market operation and resource allocation,helps the small and medium-sized enterprises to adjust their strategic decisions in a timely manner regarding the relevant policy formulation,and puts forward referential suggestions for accelerating the construction of a valuation system with Chinese characteristics.

关 键 词：经济政策不确定性 创业板 错误定价 中小企业 

分 类 号：F382.5[经济管理—产业经济]