摘要
基于2019和2020年A股上市公司数据,我们发现之前杠杆率较低、现金持有量较高的企业在新冠疫情下会有较好的表现,这表明流动性有助于企业抵御风险,并验证了现金持有量这一渠道通过影响生产进而影响企业表现.其次,我们根据世界投入产出表计算企业在全球产业链的位置,并发现下游企业在新冠疫情下表现更好.第三,我们发现为了应对未来的不确定性,新冠疫情下企业的现金持有意愿明显增强.研究结果表明,企业需要改善财务健康状况以提高对负面冲击的抵御能力,而政策制定者需要改善金融环境以满足企业的外部资金需求.
Based on the quarterly data of A-share listed firms between 2019 and 2020,we find that firms with lower leverage and higher cash holdings before perform better under the COVID-19 pandemic,suggesting that strong liquidity helps firms resist risks.In particular,cash holding affects firm performance through the channel of production.Secondly,we calculate firms’position in the global value chain based on a world input-output table and find that downstream firms perform better under the pandemic.Thirdly,to cope with future uncertainty,cash-holding willingness of firms increases significantly after the pandemic.All findings imply that firms need to improve their financial health to be more resilient toward negative shocks and policy makers need to improve the financial environment to satisfy firms’external financing need.
作者
李廷芳
王潇
Li Tingfang;Wang Xiao(International Institute of Finance,School of Management,University of Science and Technology of China,Hefei 230026,China)
基金
the National Natural Science Foundation of China(72003181)
Tang Scholar Fund(KY2030000037)and the Funding of Research on COVID-19(20205008).
