Yang Song
School of Mathematics and Statistics, Guizhou University of Finance and Economics, Guizhou 550025, China.
Guizhou Key Laboratory of Big Data Statistical Analysis, Guizhou 550025, China.
Econ Anal Policy. 2022 Dec;76:1-14. doi: 10.1016/j.eap.2022.07.007. Epub 2022 Jul 28.
The rapid spread of COVID-19 worldwide since 2020 has, undeniably, negatively influenced the global economy and environment. Small and medium-sized enterprises (SMEs) are among the worst-hit victims of COVID-19, particularly in developing countries. As primary channels financing SMEs, what roles have private equity and venture capital (PE/VC) played in this crisis? Using the 2010-2021 data of 4462 listed companies, we aimed to assess the impact of PE/VC on financial risk among Chinese SMEs. We constructed a capital structure selection model to assess the risk preference of PE/VC and explored the roles of PE/VC in the financial risk management of enterprises during COVID-19. Based on both theory and empirical evidence, PE/VC negatively impacts the financial risk of enterprises, implying that intervention by the management of PE/VC can aggravate the financial risk. However, in reality, PE/VC positively impacted enterprise financial risk during COVID-19. Thus, the government should implement some easing policies to stimulate access and investment policies of PE/VC as well as provide more practical policies to support investment institutions in China and other counties.
自2020年以来，新冠病毒肺炎（COVID-19）在全球范围内迅速传播，不可否认地对全球经济和环境产生了负面影响。中小企业是受COVID-19影响最严重的受害者之一，尤其是在发展中国家。作为中小企业的主要融资渠道，私募股权和风险投资（PE/VC）在这场危机中发挥了什么作用？利用4462家上市公司2010 - 2021年的数据，我们旨在评估PE/VC对中国中小企业财务风险的影响。我们构建了一个资本结构选择模型来评估PE/VC的风险偏好，并探讨了PE/VC在COVID-19期间企业财务风险管理中的作用。基于理论和实证证据，PE/VC对企业财务风险有负面影响，这意味着PE/VC管理层的干预会加剧财务风险。然而，在现实中，PE/VC在COVID-19期间对企业财务风险产生了积极影响。因此，政府应实施一些宽松政策，以刺激PE/VC的准入和投资政策，并提供更切实可行的政策来支持中国及其他国家的投资机构。
