突发公共事件与金融关系研究进展  

Research Progress on the Relationship between Public Emergency and Finance

作　　者：李小荣 牛美龄 LI Xiaorong;NIU Meiling(Central University of Finance and Economics,Beijing,China)

机构地区：[1]中央财经大学财政税务学院,102206 [2]中财-中证鹏元地方财政投融资研究所,102206

出　　处：《经济学动态》2020年第7期129-144,共16页Economic Perspectives

基　　金：国家自然科学基金项目(71972192,71503283);教育部霍英东教育基金会资助项目(161077)。

摘　　要：突发公共事件包括公共卫生事件、自然灾害、事故灾难、社会安全事件等四个大类,此类事件不仅对实体经济造成了巨额损失,而且会冲击资本市场,影响公司的金融决策。本文选取国外金融领域涉及突发公共事件的最新文献,从资本市场和公司金融两个视角对突发公共事件与金融的关系进行了全面梳理和深入分析。在资本市场方面,现有研究发现突发公共事件会导致股价的负面反应。在公司金融方面,现有文献主要研究突发公共事件对企业劳动力、财务决策、创新、公司治理、信息披露和公司价值等的影响。基于国外研究现状,本文指出了当前研究的不足之处,并展望了我国未来该领域的研究方向。Public emergencies are divided into four categories:public health emergency,natural disaster emergency,accident emergency,and social security emergency.Public emergency not only does great harm to the real economy,but also impacts the capital market and affects the financial decision of companies.By selecting the latest foreign studies on public emergency in the field of finance,we provide a comprehensive review and analyze the relationship between public emergency and finance from the perspectives of capital market and corporate finance.In terms of capital market,studies have shown that the reaction of stock price to public emergencies is negative.In the aspect of corporate finance,existing literature mainly focuses on the impact of public emergencies on the labor hired by firms,financial decisions,innovation,corporate governance,information disclosure as well as corporate value.This paper points out the limitation of current research and prospects the future research direction for Chinese scholars.Moreover,this paper is instructive for Chinese researchers to carry out more studies on the relationship between public emergencies and finance,and it is also helpful to improve the ability of Chinese capital markets and enterprises to respond to public emergencies.

关 键 词：突发公共事件 自然灾害 资本市场 公司金融 

分 类 号：F830[经济管理—金融学] D523[政治法律—政治学]