Chang Lei, Gan Xiaojun, Mohsin Muhammad
School of Economics, Pecking University, Beijing, 100871, China.
Hainan Normal University, 99 Longkun Road, South Haikou, Hainan Province, China.
Econ Anal Policy. 2022 Dec;76:211-225. doi: 10.1016/j.eap.2022.07.004. Epub 2022 Jul 16.
Many enterprises across the European Union (EU) have been hampered by the massive spread of COVID-19. It has severely impacted revenues and financial flows, potentially leading to an increase in corporate insolvency. This study investigates the influence of this new coronavirus on the solvency status of businesses in EU Member States. Several stress scenarios were constructed for non-financial listed enterprises. The results reveal a gradual surge in the possibility of default, a rise in loan repayment, and coverage being refused. According to our findings, the solvency profiles of all firms are deteriorating. Industries, such as mining, mass production, and retail, are the most susceptible to a drop in sales income and market capitalization. Before COVID-19, previous research had looked at policy options for maintaining solvency. Our data imply that a tax delay is adequate if there is a slight deterioration in the economic outlook. There should be hybrid assistance through loans and equity for even a slight deterioration in the state of an economy. This research will benefit policymakers, corporate executives, and creditors.
欧盟（EU）的许多企业都受到了新冠疫情大规模传播的阻碍。它严重影响了收入和资金流动，可能导致企业破产增加。本研究调查了这种新型冠状病毒对欧盟成员国企业偿付能力状况的影响。为非金融上市公司构建了几种压力情景。结果显示违约可能性逐渐激增，贷款偿还增加，承保被拒绝。根据我们的研究结果，所有公司的偿付能力状况都在恶化。采矿、大规模生产和零售等行业最容易受到销售收入和市值下降的影响。在新冠疫情之前，先前的研究已经探讨了维持偿付能力的政策选择。我们的数据表明，如果经济前景略有恶化，税收延期就足够了。即使经济状况略有恶化，也应该通过贷款和股权提供混合援助。这项研究将使政策制定者、企业高管和债权人受益。
