Coronacrisis的企业流动性:塞尔维亚经济的经验

IF 1.6 Q3 BUSINESS Central European Business Review Pub Date : 2022-06-13 DOI:10.18267/j.cebr.311
Srecko Dejvak
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引用次数: 0

摘要

冠状病毒在2020年春季的出现大大重估了商业环境中的风险敞口,这需要在衡量金融风险方面采取新的方法。本文定义并解释了一种在经济危机时期衡量公司流动性风险的新方法。这种方法更能应对商业环境中的紧张情况,并衡量在经济危机中,公司仍然可以从自己的流动资产库存中支付到期负债的时间,在这种情况下,公司在市场上的销售受到限制或完全禁止,就像2020年春季新冠肺炎-19第一波疫情期间的一些行业一样。本文的目的是定义一种新的衡量公司流动性的指标,该指标对这种环境很敏感,并显示了如果出现经济危机,公司流动性风险的倾向。下一步,本文将利用新定义的企业流动性指标,计算所有公司的平均流动性,以及塞尔维亚经济中各商业部门的平均流动率,以讨论危机中的企业流动率。结果显示,在2020年第三季度末,处于危机中的塞尔维亚经济的平均流动性为78,02天,即,如果禁止在市场上销售,塞尔维亚经济中的平均公司到2020年第3季度末能够在压力下生存78,02日。©2023,《中欧商业评论》。保留所有权利。
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Corporate Liquidity in Coronacrisis: Experience of Serbian Economy
The appearance of coronavirus in the spring of 2020 has significantly revalued risk exposures in the business environment, which required new approaches in the measurement of financial risks. This paper defines and explains a new approach to the measurement of liquidity risk in companies in a time of an economic crisis. This approach is more responsive to stressful circumstances in the business environment and measures the time in an economic crisis when a company can still pay maturing liabilities out of its own inventory of liquid assets, where sales of a company on the market are limited or completely prohibited, as this was the case for some industries during the first wave of Covid -19 in spring 2020. The objective of this paper was to define a new metric for the measurement of corporate liquidity, which is sensitive to this environment and shows the propensity of a company to the risk of illiquidity if an economic crisis appears. This paper, in the next step, leverages the newly defined metric of corporate liquidity and calculates the average liquidity of all companies, as well as the average liquidity by business sectors in the Serbian economy, to discuss corporate liquidity in a crisis. The results show that the average liquidity of the Serbian economy in crisis at the end of 3Q 2020 was 78,02 days, i.e., the average company in the Serbian economy was able to survive 78,02 days in stress by the end of 3Q 2020 if its sales on the market were prohibited. © 2023,Central European Business Review. All Rights Reserved.
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来源期刊
Central European Business Review
Central European Business Review Business, Management and Accounting-Business and International Management
CiteScore
3.10
自引率
7.70%
发文量
27
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