摘要
本文以2019年爆发的新冠疫情冲击为契机,选取2017-2020年A股上市公司为样本,运用双重差分的方法探讨疫情冲击对不同财务柔性储备企业的投资行为的影响。研究发现:与对照组企业相比,财务柔性企业在疫情时期投资增幅更大。进一步的检验发现,上述关系在民营企业更显著。
This paper takes the COVID-19 outbreak in 2019 as an opportunity, selects A-share listed companies from 2017 to 2020 as samples, and uses the difference-in-difference method to explore the impact of COVID-19 impact on the investment behavior of different financial flexible reserve enterprises. The study found that compared with the control group, the investment of the financially flexible enterprises increased more during the epidemic period. Further examination found that the above relationship was more significant in private enterprises.
基金
自治区高校科研计划“房价波动、抵押资产价值与企业现金持有”(批准号:XJEDU2017S037)
新疆财经大学校级科研基金项目高层次人才专项“现金储备决策具有战略效应吗?”(批准号:2202XGCO61)。
关键词
新冠疫情冲击
财务柔性储备
企业投资
COVID-19 Impact
Financial Flexibility
Corporate Investment Behavior
