【摘要】 新冠肺炎疫情对企业经营造成巨大冲击，导致部分企业资金紧张甚至资金链断裂，在这种情况下，仍然有企业对外提供财务资助，这种看似异常的行为非常值得关注与探讨。本文通过手工搜集上市公司财务资助公告相关数据，采用事件研究法分析疫情暴发前后财务资助市场反应的差异，研究发现：在疫情暴发前，上市公司对外提供财务资助引发负面市场反应；在疫情暴发后，对外提供财务资助的市场反应显著为正。区分资助公告的横截面特征后发现，当资助金额较高、公告中列明资金来源、还款利率为固定利率时，其市场正面反应更加显著。进一步分析发现，在资助方财务实力较雄厚、受疫情影响更严重及所在行业产品市场竞争较激烈的公司中，其财务资助的市场正面反应更显著。此外，研究还表明，疫情期间企业提供财务资助，有助于提升企业价值。这表明疫情下的财务资助行为释放了企业资金实力较强的正面信号，体现“扶危济困”的正面特征。更多还原

【Abstract】 The COVID-19 has made a huge impact on business operations, leading to capital tension, and even the capital chain is broken. Some companies still provide financial supporting to others. This seemingly abnormal behavior is very worthy of attention and discussion. This article manually collects data related to financial supporting announcements of listed company and adopts the event study method to examine the essence of this behavior. This study finds that before the outbreak of the COVID-19, the market reaction of financial supporting was negative. After the outbreak of the COVID-19, the market reaction was significantly positive. After distinguishing cross-sectional characteristics of grant announcements, our analysis shows that the positive market reaction was more pronounced when the financial supporting has higher amount with explicit funds source, requires fixed interest rates. Our further analysis shows that the positive market reaction was more pronounced when the firm has stronger financial strength, for companies in areas that are more severely affected by the epidemic and faces greater product competition. In addition, research shows that financial supporting provided by companies during the epidemic can help enhance corporate value. This shows that the financial supporting under the epidemic releases a positive signal to provide a real help for those in distress.更多还原