{"title":"COVID-19与企业融资","authors":"Marco Pagano, Josef Zechner","doi":"10.1093/rcfs/cfac025","DOIUrl":null,"url":null,"abstract":"We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their resilience to social distancing, financial flexibility, and corporate culture. The same characteristics affected the response of firms’ sales, employment, and asset growth. Despite the shock, firms expanded their balance sheets and liquidity by raising funds from banks, bonds, and equity markets. While listed firms reduced their leverage, unlisted ones, especially small and medium enterprises, increased it. Government support programs helped firms access external funding. We conclude by identifying unexplored research issues regarding the long-run effects of COVID-19 on companies. (JEL: G11, G12, G13, G21, G24, G28, G32, G33, G35, G38, H81, H84) Received August 1, 2022; Editorial decision August 1, 2022 by editor Andrew Ellul.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"180 2","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2022-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"COVID-19 and Corporate Finance\",\"authors\":\"Marco Pagano, Josef Zechner\",\"doi\":\"10.1093/rcfs/cfac025\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their resilience to social distancing, financial flexibility, and corporate culture. The same characteristics affected the response of firms’ sales, employment, and asset growth. Despite the shock, firms expanded their balance sheets and liquidity by raising funds from banks, bonds, and equity markets. While listed firms reduced their leverage, unlisted ones, especially small and medium enterprises, increased it. Government support programs helped firms access external funding. We conclude by identifying unexplored research issues regarding the long-run effects of COVID-19 on companies. (JEL: G11, G12, G13, G21, G24, G28, G32, G33, G35, G38, H81, H84) Received August 1, 2022; Editorial decision August 1, 2022 by editor Andrew Ellul.\",\"PeriodicalId\":44656,\"journal\":{\"name\":\"Review of Corporate Finance Studies\",\"volume\":\"180 2\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-08-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Corporate Finance Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rcfs/cfac025\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Corporate Finance Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rcfs/cfac025","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their resilience to social distancing, financial flexibility, and corporate culture. The same characteristics affected the response of firms’ sales, employment, and asset growth. Despite the shock, firms expanded their balance sheets and liquidity by raising funds from banks, bonds, and equity markets. While listed firms reduced their leverage, unlisted ones, especially small and medium enterprises, increased it. Government support programs helped firms access external funding. We conclude by identifying unexplored research issues regarding the long-run effects of COVID-19 on companies. (JEL: G11, G12, G13, G21, G24, G28, G32, G33, G35, G38, H81, H84) Received August 1, 2022; Editorial decision August 1, 2022 by editor Andrew Ellul.
期刊介绍：
The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.
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