新冠疫情、政府背景大客户与公司价值

COVID-19 Epidemic,Government-background Customers and Firm Value

本文以新冠疫情这一突发公共卫生事件为切入点,考察了政府背景大客户对上市公司价值的影响。研究发现,相对于没有政府背景大客户的公司,政府背景大客户公司在疫情冲击下拥有更高的累计超额收益率,且这一现象在受新冠疫情冲击越严重地区、政府背景大客户订单持续时间越长及第一大客户为政府背景大客户时表现得更明显。通过改变事件研究窗口、更换事件日、变化政府背景大客户度量及自选择问题检验等稳健性分析证实上述研究结论未发生实质性改变。其次,我们对政府背景大客户提升公司价值的路径进行了机制检验,结果显示,政府背景大客户公司有着更高的销售收入、更低的应收账款坏账率、更宽松的商业信用、更低的银行贷款利率及更稳定的企业员工队伍。最后,我们研究发现,新冠疫情下政府背景大客户公司有着更优的经营绩效,且其长期股票回报率也更高。本文研究丰富了政府背景大客户的相关文献,也为政府在调控经济、改进宏观经济政策及应对突发公共卫生事件时综合考虑各种手段并择优选择提供了有价值的参考。

This paper investigates the impact of government-background customers on the firm value of listed companies by taking the outbreak of COVID-19 as an exogenous shock.The results show that listed companies with government-background customers have higher abnormal stock returns during COVID-19,compared with those without government-background customers.This phenomenon is more significant for listed companies in regions where COVID-19 is more severe,having the longer the duration of orders from government-background customers,and when the largest customer is a government-background customer.By adjusting the event window,the event day and the government-background customer measurement,and doing the self-section test,the robustness analyses confirm that our conclusions don't change.Subsequently,we conducts the mechanism test on the influencing paths of how government-background customers enhance firm value.It shows that listed companies with government-background customers have higher sales growth,fewer bad debts higher business credit,lower interest rates of bank loans and more stable employees.Finally,we find that listed companies with government-background customers have better operation performance and higher long-term stock returns during COVID-19.This paper enriches the relevant literature of government-background customers,and provides valuable reference for the government to comprehensively consider and select various methods when implementing regulations,changing macro-economic policies and responding to public health emergencies.