【摘要】 基于2020年1月—2020年7月共27周中国民营上市公司股票收益率与新冠疫情确诊人数增长率的数据,引入融资约束指标,构建回归模型,实证分析了在新冠疫情冲击下融资约束对企业韧性的作用和效果。结果显示:(1)民营企业融资约束越大,不管是内源融资约束还是外源融资约束,其在疫情冲击下的韧性越弱。(2)在应对冲击过程中,企业的经营性现金净流量比率表现最为突出,能够增强企业应对疫情冲击的韧性,其次是偿债能力指标和盈利能力指标。(3)民营企业所在区域的金融发展水平虽然对企业的绩效表现有正向的作用,但对于其在疫情下的韧性并没有显著的正向影响。(4)区域金融结构的优化对于民营企业韧性有一定程度的正向作用。更多还原

【Abstract】 Based on the data of the stock return rate of private listed companies and the growth rate of the number of people diagnosed with the COVID-19 epidemic for 27 weeks from January, 2020 to July, 2020, this paper introduces financing constraint indicators and constructs a regression model to empirically analyze the role and effect of financing constraints on corporate resilience under the impact of the COVID-19 epidemic. The results show:(1) The greater the financing constraints of private enterprises, whether they are internal financing constraints or external financing constraints, the weaker their resilience under the impact of the epidemic.(2) In the process of responding to shocks, the company’s net operating cash flow ratio has the most outstanding performance, which can enhance the company’s resilience to the impact of the epidemic, followed by debt solvency index and profitability index.(3) Although the financial development level of the region where private enterprises are located contributes to the performance of the returns, it shows no significant positive impact on corporate resilience under the epidemic.(4) The optimization of regional financial structure, to a certain degree, has a positive effect on the resilience of private enterprises.更多还原