How does China's stock market react to supply chain disruptions from COVID-19?

被引：26
|
作者：
Wang, Zhixuan [1 ]
Dong, Yanli [1 ]
Liu, Ailan [2 ,3 ]
机构：
[1] Xiamen Natl Accounting Inst, Isl Coast Express, Xiamen 361005, Fujian, Peoples R China
[2] Zhejiang Normal Univ, Coll Econ & Management, 688 Yingbin Rd, Jinhua 321004, Zhejiang, Peoples R China
[3] Zhejiang Normal Univ, China Africa Int Business Sch, 688 Yingbin Rd, Jinhua 321004, Zhejiang, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2022年 / 82卷
关键词：
COVID-19; Abnormal returns; Event study; Supply chain disruption; EVENT; RETURNS; IMPACT;
D O I：
10.1016/j.irfa.2022.102168
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
As a once-in-a-century global pandemic, COVID-19 severely hit the global economy and disrupted the worldwide supply chain. Based on 505 Chinese firms, we use the event study method to explore the effect of COVID-19 on the financial performance of firms. The findings show that COVID-19 has an immediate impact on Chinese firms. Hubei firms experience stronger effects than non-Hubei firms. Supply chain disruptions effects from COVID-19 are observed. Transportation industry is hit more severely than retail industry. Insurance companies experience a strong adverse effect. On the other hand, both medical and competitor firms experience significantly positive spillover effects.
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页数：16
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