COVID-19和投资现金流敏感性:一个跨国分析
Thi Hong An Thai1, Thi Thuy Anh Vo1, Mieszko Mazur2
1University of Economics, the University of Danang, Viet Nam.
在COVID-19危机期间,企业投资对现金流变得不那么敏感. 这种影响在受到严重影响的国家和政府援助较高时更为明显.
科学领域:
- 企业金融公司财务
- 国际经济学 国际经济学
- COVID-19 的经济影响
背景情况:
- 在全球范围内,COVID-19大流行引发了前所未有的经济混乱.
- 了解企业在危机期间的金融政策对于经济稳定至关重要.
- 投资-现金流敏感度是企业财务灵活性的一个关键指标.
研究的目的:
- 调查COVID-19经济危机如何影响国际上市公司的投资现金流敏感性.
- 检查国家特定的COVID-19影响严重程度对这种关系的作用.
- 确定减轻或加剧投资响应性变化的因素.
主要方法:
- 对国际上市公司样本的分析.
- 在COVID-19危机期间,对资本支出与现金流的计量经济学检查.
- 具有不同程度COVID-19影响的国家之间的比较分析.
主要成果:
- 在COVID-19危机期间,投资现金流敏感度的显著降低被观察到.
- 受到COVID-19影响更严重的国家的公司对现金流的投资反应性较低.
- 降低敏感性与更多的政府援助,更高的公司现金持有量和更少的投资机会有关.
结论:
- COVID-19危机改变了企业的投资行为,将其与内部现金产生脱.
- 政府支持和特定公司的金融缓冲器在缓解投资反应方面发挥了作用.
- 调查结果提供了关于全球经济冲击期间企业性和政策有效性的见解.
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