疫情冲击、企业免疫力与企业绩效  

Epidemic Impact,Enterprise Immunity and Enterprise Performance in COVID-19

作　　者：张璇[1] 张亚平 Zhang Xuan;Zhang Yaping(School of Economics and Management,Hefei University of Technology,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,合肥230009

出　　处：《工业技术经济》2023年第8期124-133,共10页Journal of Industrial Technological Economics

基　　金：国家自然科学基金项目“儒家文化与内部控制有效性:作用路径、经济后果和外部治理”(项目编号:JZ2018GJQN0486)。

摘　　要：在全球经济受到新冠肺炎疫情冲击的背景下,部分企业凭借免疫力摆脱困境,绩效实现逆势增长。本文基于2018~2021年A股上市公司的数据,从财务、制度以及文化3个维度构建了微观层面的企业免疫力指标,实证检验疫情冲击对企业绩效的影响,以及企业免疫力对二者关系的调节效应。研究发现,疫情冲击对企业绩效有显著的负向影响,并且随着企业免疫力水平的提高,疫情冲击对企业绩效的影响有所缓解,且该效应在非国有企业中更强。进一步检验发现,这种缓解作用在传统行业以及市场化程度高的企业中更为显著。Based on the background of the global economy being hit by the pandemic,some enterprises have relied on im⁃munity to get out of difficulties and achieve contrarian growth in performance.Based on the data of A-share listed companies from 2018 to 2021,this paper constructs micro-level corporate immunity indicators from three dimensions:finance,system and cul⁃ture,and empirically examines the impact of the epidemic on corporate performance and the regulatory effect of corporate immunity on the relationship between the two.It is find that the impact of the pandemic has a significant negative impact on the performance of the enterprises,which is mitigated as the level of immunity of the enterprises increase,and is stronger among non-state-owned enterprises.Upon further testing,it is find that this mitigation effect is more significant in traditional industries and enterprises with high degree of marketization.

关 键 词：疫情冲击 企业免疫力 企业绩效 资源基础理论 调节效应 PSM倾向得分匹配 

分 类 号：F272.5[经济管理—企业管理] F832.5[经济管理—国民经济]