Financing Constraints, Risk of Stock Price Crash and Impact of New Crown Pneumonia
DOI:
https://doi.org/10.54691/bcpbm.v13i.88Keywords:
CAR Financing Constrains; Stock Price Crash Risk; New Crown.Abstract
Taking Shanghai and Shenzhen A stock listed companies as a sample, this paper uses the event research method to test the effect of financing constraints and stock price crash risk on the cumulative excess return (CAR) of enterprises under the impact of the epidemic situation. The results show that the risk of stock price collapse plays a negative role in the transmission channel of the impact of the new crown epidemic on the enterprise's cumulative excess return, and the financing constraint intensifies the negative effect. Further, the heterogeneity analysis based on firm size and ownership found that in SMEs and non-state-owned enterprises, the effect of increased financing constraints is more significant Is significant. Finally, this paper puts forward some suggestions from the perspective of relevant regulatory departments and enterprises themselves.
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