新冠肺炎疫情冲击下融资约束与公司价值的关系

Research on the Relationship between Financing Constraints and Company Market Value under the Impact of the Outbreak of COVID-19

2020年新年伊始暴发的新冠肺炎疫情造成我国各项经济活动停摆,作为重要的微观经济主体,上市公司也不可避免地遭到严重冲击。以新冠肺炎疫情为事件背景,从债务资本成本角度考察疫情暴发前后一定时间窗口内,上市公司融资约束与公司市场价值波动的关系。研究发现:上市公司融资约束程度与事件窗口期内的累计超额收益率呈显著负相关关系;受到新冠肺炎疫情冲击越严重的地区,其融资约束程度与公司价值之间的负向关系越强。进一步研究表明,在新冠肺炎疫情冲击下,相对于国有企业,民营企业公司价值与融资约束程度的相关性程度更强,且在金融市场发育程度越低的地区,融资约束对公司价值的影响更为显著。

At the beginning of 2020,the outbreak of the COVID-19 pandemic has caused the suspension of various economic activities in China.As an important microeconomic entity,listed companies have inevitably been severely impacted.Taking the outbreak of COVID-19 as the background of the event,this paper examines the relationship between the financing constraints of listed companies and the fluctuations of the company’s market value within a certain time window before and after the outbreak from the perspective of the cost of debt capital.The results show that the degree of financing constraints of listed companies is significantly negatively correlated with the cumulative excess return during the event window period,and the more severe the impact of COVID-19,the stronger the degree of negative correlation between the degree of financing constraints and the company value.Further research shows that under the impact of COVID-19,compared with the state-owned enterprises,the correlation between the corporate value of private enterprises and the degree of financing constraints is stronger,and the lower the degree of financial market development,the more significant the impact of financing constraints on corporate value.