Huang Shoujun, Liu Hezhe
School of Public Affairs, University of Science and Technology of China, Hefei 230026, China.
Law School, Shandong Normal University, Jinan 250358, China.
Energy Econ. 2021 Sep;101:105431. doi: 10.1016/j.eneco.2021.105431. Epub 2021 Jul 7.
This paper studies the impact of the outbreak of coronavirus disease 2019 (COVID-19) on the stock price crash risk of energy firms in China. We find that the stock price crash risk of energy firms significantly decreases in the post-COVID-19 period. We also find that firms that engage in more corporate social responsibility (CSR) activities are less exposed to stock price crash risk in the post-COVID-19 period than those that engage in less CSR activities. Finally, we show that the effect of COVID-19 on stock price crash risk is less severe for state-owned enterprises (SOEs) than for non-SOEs in the post-COVID-19 period. Our findings demonstrate China's economic recovery in the post-COVID-19 period and have policy implications for firms to improve their resilience to exogenous shocks.
本文研究了2019年冠状病毒病（COVID-19）疫情对中国能源企业股价崩盘风险的影响。我们发现，在COVID-19疫情之后，能源企业的股价崩盘风险显著降低。我们还发现，在COVID-19疫情之后，从事更多企业社会责任（CSR）活动的公司比从事较少CSR活动的公司面临股价崩盘风险的可能性更小。最后，我们表明，在COVID-19疫情之后，COVID-19对股价崩盘风险的影响对国有企业（SOEs）的影响比对非国有企业的影响要小。我们的研究结果证明了中国在COVID-19疫情之后的经济复苏，并对企业提高其对外生冲击的抵御能力具有政策启示。
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