新冠肺炎疫情对上市企业经营绩效的影响——基于中美上市公司的比较

The Impact of COVID-19 Epidemic on Business Performance:Based on the Comparison between Chinese and American Listed Companies

2020年初暴发的新冠肺炎疫情因新冠病毒潜伏期长、传染性强等特点,对企业的经营绩效造成严重冲击。以2018—2020年国内中证500指数与美国标普500指数所涵盖的上市公司为研究对象,对比研究突发的新冠肺炎疫情对上市企业经营绩效的影响及其作用路径。结果表明:疫情通过降低企业的资产利用效率、增加综合成本率而对经营绩效产生负面影响;国内高效的防疫政策助推了企业经营绩效的改善,国内企业所受疫情的冲击远小于美国;此外,企业受疫情影响程度还与其所处行业、产权性质、所在地区疫情防控程度密切相关。本研究将企业经营绩效影响因素的分析拓展至公共卫生领域,不仅揭示了公共卫生事件对企业经营绩效影响的作用路径,还可为疫情期间改善企业的经营绩效提供参考。

The COVID-19 Epidemic which broke out in early 2020 caused a serious impact on the business performance of companies due to the long incubation period and strong infectivity of the coronavirus.This paper takes the listed companies in the CSI 500 Index and the US S&P 500 Index from 2018 to 2020 as research objects to compare and investigate the impact of the sudden COVID-19 epidemic on the performance of companies.The results show that the epidemic has a negative impact on business performance by reducing the company’s asset utilization efficiency and increasing the overall cost rate.The efficient domestic epidemic prevention policies have improved the company performance,so the impact on domestic companies is less serious than that in the United States.In addition,the degree of impact is also closely related to the industry,the nature of property rights,and the degree of epidemic prevention and control in certain regions.The study extends the analysis of influencing factors of business performance to the field of public health,which not only reveals the path of impact of public health incidents on business performance,but also provides references for all parties to improve the performance of companies during the epidemic.