COVID-19 and Corporate Finance
本文梳理了新冠疫情对公司的影响，发现股价反应因企业对社会疏离的韧性、财务灵活性和企业文化而异，企业通过银行、债券和股权市场扩大资产负债表，上市公司降低杠杆而中小企业增加杠杆，政府支持项目帮助企业获取外部融资。
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.