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New incentive policy effects of China’s listed firms of logistics industry

He Xuefeng, Xu Youyi

In this paper, we conduct an event study to investigate how ChinaÂÂ’s equity market responds to announcements of new incentive policy of logistics industry. Examining 16 listed firms of Shenzhen market and 25 listed firms of Shanghai market in 2012 under the influence of logistics industry with a time window of 31 days, we find that new incentive policy had positive impacts on ChinaÂÂ’s stock market. And the new incentive policy increase both the firmsÂÂ’ value and shareholdersÂÂ’wealth after the announcement.