中國清零政策與重大訊息揭露：當重大訊息不那麼『重大』

When the Material Information Is Not‘Material’: The Dynamics of Disclosure Under China’s Zero-Covid Policy

本研究首度探討中國「清零」政策對資本市場的衝擊，聚焦於2022年中國清零政策實施期間的強制封城措施下，營運據點位於受封鎖城市之企業所受到的影響。透過事件研究法，我們觀察到市場對這些企業的累積異常報酬呈現顯著負面反應，且其營收成長亦顯著下滑，同時投資者間的意見分歧亦隨之擴大。然而，企業若能主動揭露停工相關之重大資訊，則能有效減緩上述負面衝擊之市場反應，並能有效降低投資者意見分歧。此等發現凸顯出資訊透明度在形塑市場預期與投資者決策上扮演的關鍵角色。本研究不僅揭示了在高度不確定環境下，自願性資訊揭露所蘊含的策略價值，更進一步豐富了資訊揭露理論，並為企業經營者與政策制定者提供具體的實務啟示。

This study pioneers an examination of market responses to China’s Zero-COVID policy, particularly its impact on firms with production facilities in lockdown-affected cities during the Great Lockdown. Utilizing an event study methodology, we demonstrate that these firms experienced significant declines in cumulative abnormal returns and revenue growth, coupled with increased investor disagreement. Critically, voluntary disclosures of shutdown-related material information effectively mitigated these adverse effects, leading to improved investor valuations and reduced disagreement. These findings underscore the crucial role of transparency in shaping market sentiment. This research contributes to disclosure theory by demonstrating the strategic value of proactive communication during times of extreme uncertainty, thus providing practical insights for firms and policymakers.