Impact of Pandemic Outbreak and Targeted Required Reserve Ratio Cut Policy on Stock Return Rate: Evidence from China

IF 0.2 4区 社会学 Q4 AREA STUDIES African and Asian Studies Pub Date : 2023-05-09 DOI:10.1163/15692108-12341594
Tian Wang, Fang Fang, Linhao Zheng
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Abstract

This study analyzed the impact of COVID-19 outbreak and targeted required reserve ratio cut policy on stock returns of Chinese listed companies. This paper uses the data of 3,449 A-share listed companies from February 3, 2020 to December 31, 2020 for research, the empirical results showed that stock prices of private enterprises with stronger debt-paying ability and looser financing constraints, and state-owned enterprises with less supply chain credit risks performed better, in the central and western regions, enterprises with stronger solvency and looser financing constraints have better stock price performance during the early stages of pandemic. After the implementation of the targeted RRR cut policy, the stock prices of enterprises with poor solvency, private enterprises, and enterprises in central and western regions with strong financing constraints, state-owned enterprises, and enterprises in eastern region with high credit risks all showed significant reversals, and the stock prices reflected the effect of the targeted RRR cut policy in the short and medium term. Over time, the pandemic has been controlled, and the resumption of work and production has freed most enterprises from financial difficulties. However, due to sporadic outbreaks, large private enterprises and eastern enterprises with strong risk resistance and loose financing constraints enjoy better stock price performance. This study is helpful for enterprises to understand the value of financial flexibility and solvency and provides a reference for enterprises to make financial decisions: how to balance the benefits and costs of solvency.
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疫情爆发与定向降准政策对股票收益率的影响:来自中国的证据
本研究分析了新冠肺炎疫情和定向降准政策对中国上市公司股票收益的影响。本文使用2020年2月3日至2020年12月31日的3449家A股上市公司的数据进行研究,实证结果表明,偿债能力较强、融资约束较宽松的民营企业和供应链信用风险较小的国有企业的股价表现较好,在中西部地区,偿付能力更强、融资约束更宽松的企业在疫情初期的股价表现更好。定向降准政策实施后,偿债能力较差的企业、民营企业、融资约束较强的中西部企业、国有企业、信用风险较高的东部企业股价均出现明显反转,股价反映了定向降准政策在中短期的效果。随着时间的推移,疫情得到了控制,复工复产使大多数企业摆脱了财务困难。但由于零星疫情,抗风险能力强、融资约束宽松的大型民营企业和东部企业股价表现较好。本研究有助于企业理解财务灵活性和偿付能力的价值,并为企业做出财务决策提供参考:如何平衡偿付能力的收益和成本。
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来源期刊
CiteScore
0.60
自引率
0.00%
发文量
57
期刊介绍: The journal presents a scholarly account of studies of individuals and societies in Africa and Asia. Its scope is to publish original research by social scientists in the area of anthropology, sociology, history, political science and related social sciences about African and Asian societies and cultures and their relationships. The journal focuses on problems and possibilities, past and future. Where possible, comparisons are made between countries and continents. Articles should be based on original research and can be co-authored.
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