The impact of US–China trade war on Chinese firms: Evidence from stock market reactions

Xiaoquan Wang, Xinyue Wang, Zheng Zhong and Junnan Yao

Applied Economics Letters, 2021, vol. 28, issue 7, 579-583

Abstract: We study Chinese firms’ stock market reactions of US–China trade war. Using stock market returns of listed firms and corresponding firm-level export information from China Customs database, we find a negative effect of trade war that firms with higher proportion of prior export to US show more negative market reactions. This effect is strongest among firms with non-state ownership. Further evidences show that the negative impact largely comes from firms exposed directly to tariff increase.

Date: 2021
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DOI: 10.1080/13504851.2020.1764477

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