Effect of Intelligent Logistics Policy on Operating Performance

• 1、College of Management and Econoimics,Tianjin University,Tianjin,300072

Abstract：This paper empirically documents the association between intelligent logistics policies and operating performance of the listed logistics companies. The results are based on a sample of 149 logistics companies and twenty selected policies about intelligent logistics during the 2013-2018 in China. We find: 1) When the policy releases the degree of stock market reaction increases with the increase of the proportion of intelligent logistics content in the policy. It is surprising that the General Office of the State Council, the leading agency, has a lower impact than its subordinate ministries. 2) The stock market reaction of the logistics companies decreases as the level of its service set increases. What\'s more, state-owned logistics enterprises will be more active than other logistics enterprises. 3)The interaction between the firm\'s prior financial performance and its business type is significant. For logistics service enterprises, the market reaction is more positive when their performance is better. For logistics equipment manufacturers, intelligent logistics policy can promote them more if their performance is not good.

Keywords： Intelligent Logistics Government Policy empirical research stock market reaction