中文摘要：

选取具有行业典型性的贵州茅台与青岛啤酒两家上市公司,用事件研究法验证“八项规定”出台的影响.结果发现,短期内“八项规定”的出台对贵州茅台资本市场表现产生显著的负向影响,但该种影响并不存于青岛啤酒中;从长期来看,贵州茅台的战略转型优化了其市场结构,弱化了“八项规定”引致的政策风险,并改善了其资本市场表现.这-案例研究亦为反腐政策红利研究提供了微观证据.

英文摘要：

Selecting Moutai Co.,LTD and Tsingtao Beer Co.,LTD as analysis object,using event study,the paper verifies that the influence of ＂Eight Regulations＂ issuance.lt shows that it has a significant negative influence on capital market performance of Moutai Co., LTD,but this kind of effect does not exist in the case of Tsingtao Beer Co., LTD.In long time,the results indicate that the strategic transformation of Moutai Co.,LTD optimized its market structure,on the long-term weakened the policy risk caused by the ＂Eight Regulations＂,and improved its long-term capital market.This case also provides a micro evidence for anti-corruption policy dividend.