ABSTRACT

The COVID-19 outbreak seriously affected all economies, especially the operations of listed companies, around the world. This article studies the impact of COVID-19 on firm-level cash holdings using the difference-in-differences method. It finds that COVID-19 has a significant positive impact on cash holdings in serious-impact industries. Goodwill and goodwill impairment can weaken this positive impact, which may be related to higher business risks in these firms. Therefore, managers should raise firms’ cash holding level during the pandemic to protect firms against contingencies. Managers should also be aware of financing constraints due to risks.

摘要

COVID-19爆发严重影响了全球所有经济体，尤其是上市公司的运营。本文使用差异法研究COVID-19对公司级现金持有量的影响。它发现COVID-19对严重影响行业的现金持有量具有显着的积极影响。商誉和商誉减损可以削弱这种积极影响，这可能与这些公司较高的业务风险有关。因此，经理人应在大流行期间提高公司的现金持有量，以保护公司免于意外事件的发生。管理人员还应该意识到由于风险引起的融资限制。