Wang Zhixuan, Dong Yanli, Liu Ailan
Xiamen National Accounting Institute, Island-Coast Express, Xiamen, Fujian 361005, China.
College of Economics and Management & China-Africa International Business School, Zhejiang Normal University, 688 Yingbin Road, Jinhua, Zhejiang 321004, China.
Int Rev Financ Anal. 2022 Jul;82:102168. doi: 10.1016/j.irfa.2022.102168. Epub 2022 Apr 26.
As a once-in-a-century global pandemic, COVID-19 severely hit the global economy and disrupted the worldwide supply chain. Based on 505 Chinese firms, we use the event study method to explore the effect of COVID-19 on the financial performance of firms. The findings show that COVID-19 has an immediate impact on Chinese firms. Hubei firms experience stronger effects than non-Hubei firms. Supply chain disruptions effects from COVID-19 are observed. Transportation industry is hit more severely than retail industry. Insurance companies experience a strong adverse effect. On the other hand, both medical and competitor firms experience significantly positive spillover effects.
作为一场百年一遇的全球大流行病，新冠疫情严重冲击了全球经济，扰乱了全球供应链。基于505家中国企业，我们采用事件研究法来探究新冠疫情对企业财务绩效的影响。研究结果表明，新冠疫情对中国企业产生了即时影响。湖北企业受到的影响比非湖北企业更强。观察到了新冠疫情造成的供应链中断影响。交通运输业受到的冲击比零售业更严重。保险公司遭受了强烈的负面影响。另一方面，医疗企业和竞争对手企业都经历了显著的积极溢出效应。
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