疫情冲击下组织冗余对股票收益率的影响研究

Research on the Influence of Organizational Redundancy on Stock Return against the Background of the Impact of the Covid-19

本文以2019年12月至2020年3月中国A股上市企业为样本,分析组织冗余对疫情冲击下股票收益率的影响。研究发现,疫情发生后上市公司的股票收益率普遍下降,而组织冗余作为调节变量,缓解了疫情对股票收益率的冲击;这一效应在非国有企业中尤为明显。并且,当组织冗余水平达到当年同行业的49%时,这一缓冲作用才得以显现。由此可见,企业内部适当的冗余资源对有效防范、应对突发性的灾难事件具有重要意义。

This study takes China’s A-share listed companies during December 2019-March 2020 as samples to analyze the influence of organizational redundancy on stock return against the background of the impact of the Covid-19. The study shows that, after the outbreak of the Covid-19, the stock returns of listed companies generally declined, and organizational redundancy as a moderating variable alleviated the impact of the Covid-19 on stock return;this effect is particularly significant in non-state-owned enterprises;the effect appears only when the enterprise’s level of organizational redundancy reaches 49% of that in the same industry of the same year. Therefore, the appropriate redundant resources within enterprise are of great significance for effectively preventing and responding to unexpected disasters.